Property Overview & Key Characteristics
This one-and-a-half storey home, built in 1907, presents a classic Winnipeg character property on a generous 3,757 sqft lot in the Chalmers neighbourhood. Its key appeal lies in its solid foundation and significant potential. The living space is a functional 988 sqft with an existing, unrenovated basement offering additional possibilities. While the home itself may require updating, its assessed value ranks highly compared to most of Winnipeg, suggesting underlying value in the structure and location. The lot size is well above average for the street, providing valuable outdoor space or future expansion potential in a mature community.
This property is best suited for a hands-on buyer—whether a first-time purchaser looking for a project to build equity over time, or an investor seeking a character home with solid fundamentals. Its appeal is less about move-in-ready perfection and more about the opportunity to tailor a historic home to modern tastes on a sizable lot, all within a framework that the city’s assessment indicates is a substantiated value.
Frequently Asked Questions
1. What does the high ranking for assessed value actually mean?
The assessment ranking indicates that, relative to most properties in Winnipeg, this home’s official assessed value is in the top 8%. This doesn’t dictate market price, but it does signal that the city’s valuation model sees substantial worth here, often based on lot size, location, and building structure.
2. The home sold for $150k in 2016 and $13.9k in 2021. What explains this?
The 2021 sale price is almost certainly not a standard market transaction. It likely represents a nominal transfer between family members, a sale for back taxes, or a legal/financial restructuring. The 2016 sale at $150k is the more relevant market benchmark to consider.
3. Is the large lot an advantage for future expansion?
Potentially, yes. The lot is significantly larger than many on the same street. This provides not only more private outdoor space but could also improve feasibility for future additions, a garage, or landscaping projects, subject to local zoning bylaws.
4. How significant is the "unrenovated basement"?
This indicates the basement exists but is in original or utility condition. It offers space for storage, mechanical systems, and future development, but any finishing would be a project for the buyer, requiring proper assessment for moisture, ceiling height, and foundation condition.
5. The home is older—what should I prioritize in an inspection?
Given its age, a thorough inspection is essential. Key focuses should be the foundation integrity, roof condition, wiring (ensuring it's been updated from original knob-and-tube), plumbing, and the overall envelope for energy efficiency and moisture management. The inspection will define your renovation roadmap.