Property Overview: 425 Louis Riel Street, Winnipeg
Section 1: Key Characteristics & Appeal
This is a compact, post-war bungalow in Central St. Boniface, built in 1946. Its key features include a renovated basement and a detached garage. The home sits on a standard city lot of approximately 4,637 sq ft, which is typical for the immediate street and neighbourhood.
The primary appeal lies in its location and land value within a well-established area. While the living space (747 sq ft) is modest—ranking below the neighbourhood average—this presents an opportunity. It would suit a pragmatic first-time buyer, an investor, or someone looking for a lower-entry point into St. Boniface with plans to renovate or expand over time. The already-renovated basement adds functional space. A less obvious perspective is that its older construction date (1946) is actually an elite ranking on its specific street, suggesting it is among the more mature, character-filled homes in that micro-area, which can be a unique draw. The value is fundamentally in the land and location rather than the current footprint of the house.
Section 2: Frequently Asked Questions
1. Is the assessed value the same as the market value?
No. The municipal assessed value for tax purposes ($31,500) is typically much lower than current market value, as seen in the 2021 sale price of $30,500. Market value is determined by recent sales of comparable properties and current market conditions.
2. What does the "renovated basement" entail?
The listing notes the basement is renovated, but the specifics (finish quality, legal egress, ceiling height, permits) are not detailed. This is a key point for a buyer to verify through a viewing and potentially a home inspection.
3. The house seems small. What are the expansion possibilities?
With a lot size typical for the area, there is potential to expand the existing bungalow or build an addition, subject to local zoning bylaws and setback requirements. The existing basement renovation also adds usable living space.
4. How does this property compare to others on the street?
The data shows it has an average-sized lot for Louis Riel Street. Its year built is the newest or among the newest on the street, but its living area is currently below the street's average. This indicates other homes on the street may be larger or have been expanded.
5. What is the significance of the historical sale prices shown?
The 2016 ($26,200) and 2021 ($30,500) sale prices show a historical trend. However, they primarily indicate a base value and do not reflect the price appreciation or market shifts that may have occurred since the last sale over two years ago.