Property Overview
This is a compact, one-storey home built in 1924 on a standard city lot in the Chalmers neighbourhood. Its key appeal lies in its land value and potential, rather than its current living space. The 680 sqft house is notably smaller than most in the area, but it sits on a 2,807 sqft lot that is typical for the street. The property presents as a straightforward, no-frills opportunity: it has a basement (in unrenovated condition), no garage, and no pool. It last sold in 2021 for $16,700 and carries a modest assessed value.
This home would primarily suit a specific type of buyer: those looking for a land play, a knockdown-rebuild candidate, or an investor seeking an affordable entry point into the market with the intention of a significant renovation. It is not a move-in-ready home and would likely appeal to someone comfortable with a project or strategic investment.
Frequently Asked Questions
1. Is this a tear-down property?
While not explicitly marketed as such, the home's very small size (680 sqft) and unrenovated state, combined with a lot size typical for the area, make it a prime candidate for redevelopment or a complete rebuild to maximize the property's potential.
2. How does the assessed value compare to the sale price?
The most recent sale was in August 2021 for $16,700. The current assessed value is $18,100. This close alignment suggests the municipal assessment reflects its market value as a land-based asset rather than a developed home.
3. What is the neighbourhood like for new investment?
Chalmers is an established, central neighbourhood. The property's metrics (lot size, year built) are generally around average for the area, indicating it's in a stable, mature part of the community, not an outlier.
4. What are the immediate costs or projects to consider?
Any buyer should budget for significant updates. The basement is noted as "not renovated," and the overall living space is minimal. Primary costs would be for either a major renovation to expand the living area or for demolition and new construction.
5. Why is the living area so much smaller than nearby homes?
This is a key characteristic of this property. While homes on the same street average about 948 sqft, this house is only 680 sqft. This discrepancy is what creates its value proposition as a redevelopment opportunity rather than a comparable finished home.