506 Langevin Street

Property Overview & Key Characteristics

This property at 506 Langevin Street in Central St. Boniface is defined by a striking contrast. Its primary appeal lies in its exceptionally low financial barrier to entry, as evidenced by an assessed value and recent sale price that are among the very lowest in Winnipeg. This comes with a significant trade-off: the land parcel is notably smaller than virtually all comparison groups, ranking at the very bottom for lot size on its street, in the neighbourhood, and citywide.

However, the data reveals two less obvious strengths. First, the living area of the home itself ranks in the top 1% compared to peers, suggesting the house may make efficient use of its small footprint or that comparable properties in the area are even more compact. Second, the year built is among the oldest and most historic in its comparisons, which could appeal to those interested in St. Boniface's heritage character.

This unique combination suits a very specific buyer: an investor or homeowner looking for a minimal property tax burden and the lowest possible purchase price to gain a foothold in a central, historic neighbourhood, while accepting the limits of a very small lot. It is not suited for buyers seeking outdoor space, subdivision potential, or modern construction.

Frequently Asked Questions

1. Why is the assessed value so much lower than the city-wide average?
The assessed value is primarily driven by the property's extremely small land size (1,506 sqft), which is a fraction of the typical Winnipeg lot. Value is also influenced by the home's age, characteristics, and the lower average values within its immediate area.

2. If the lot is so small, how is the living area in the top 1%?
The rankings are comparative. This home's interior space is larger than most homes in its specific comparison groups, which consist of properties with similarly low assessed values. This indicates many comparable homes are even smaller in interior size, not that this home is exceptionally large by general standards.

3. What does the "Year Built" ranking mean?
It means this home is among the oldest 1% of homes in its comparison groups. On its street and in Central St. Boniface, the data suggests it is one of the very first houses built, offering a direct connection to the neighbourhood's early history.

4. Who would this property be most practical for?
It is a practical entry point into homeownership for a minimalist buyer, or a strategic hold for an investor seeking a low-cost rental property in a central location. Its constraints make it less ideal for families needing yard space or those wanting to undertake major expansions.

5. Are the low sale price and value a red flag?
Not necessarily a red flag, but a clear indicator of the property's primary constraint: its lot size. It reflects a market valuation based on limited development potential and possibly a home requiring updates. Due diligence on the home's condition and any zoning restrictions is essential.