Property Overview: 292 Hamel Avenue, Winnipeg
Section 1: Key Characteristics & Appeal
This is a compact, one-storey home built in 1929 on a standard city lot in Central St. Boniface. Its key feature is a renovated basement, adding valuable functional space to the 720 sqft main-floor living area. The property has no garage or pool.
The primary appeal lies in its location within a historic and vibrant neighbourhood, combined with its efficient, low-maintenance footprint. The lot size (3,086 sqft) is typical for the immediate street and offers manageable outdoor space. Market data indicates the home’s assessed value and recent sale price are consistently below average for the area, suggesting a potentially accessible entry point into the St. Boniface market.
This home would suit first-time buyers, downsizers, or investors seeking a character-home location without the scale and upkeep of a larger property. It’s for those who prioritize neighbourhood vibe over interior square footage and see potential in a home where the basement has already been modernized. A thoughtful perspective is that its smaller size and below-average price metrics could represent a strategic opportunity in a desirable area, allowing for equity growth through location rather than sheer property size.
Section 2: Frequently Asked Questions
1. Is the renovated basement a legal suite?
The listing notes a renovated basement but does not specify it as a legal secondary suite. This is a crucial point to verify with the listing agent and city permits, as it affects rental potential and insurance.
2. How does the below-average living area impact daily life?
At 720 sqft, the main floor is compact. This emphasizes efficient use of space and makes the renovated basement critical for storage, utilities, or additional living areas. It suits a minimalist lifestyle or a household comfortable with multi-level living.
3. The assessed value seems very low compared to the recent sale price. Why?
The assessed value (for municipal tax purposes) is $27.4k, while it sold for $270k in 2022. This large discrepancy is normal; assessed value is not market value. It reflects a provincial valuation formula for taxation and should not be used as a guide for the home’s market price.
4. What does the sale history tell us?
The home sold for $21.2k in 2017 and then $270k in 2022. This significant increase likely reflects a major renovation (potentially the basement) or a change in property condition, not just market appreciation. It’s worth investigating what improvements were made between those sales.
5. With no garage, what are parking options?
The property has no garage. Buyers should confirm on-street parking regulations with the city and observe the typical parking availability on Hamel Avenue, especially during different times of day and in winter months.