Property Overview
This is a compact, one-storey home built in 1908 on a standard city lot in Winnipeg's Chalmers neighbourhood. Its key appeal lies in its position as an entry-point property with a very low assessed value, offering a detached home with land at a minimal price point. The house itself is small at 572 sq ft and features an unrenovated basement and a detached garage. Recent sale prices have been consistently low, aligning with its status as one of the most affordable properties in the city.
It would primarily suit a specific type of buyer: investors or handy purchasers looking for a land-value play or a foundational project. Its low carrying costs make it a candidate for a long-term hold or a ground-up rebuild, appealing to those with vision rather than those seeking a move-in-ready home. A less obvious perspective is its potential for someone seeking extreme affordability and privacy (detached) over space, or as a strategic purchase in a neighbourhood where future redevelopment could shift property dynamics.
Frequently Asked Questions
1. What does "below average" in the rankings actually mean for a buyer?
It confirms this is an outlier property in terms of size, assessed value, and age. You are purchasing one of the smallest and least expensive homes in the area, which translates to very low property taxes but also indicates significant limitations or required investment in the existing structure.
2. Is the land size suitable for future expansion or rebuilding?
The lot is approximately 2,873 sq ft, which is a standard residential footprint for Winnipeg. This is adequate for rebuilding a new single-family home to modern standards, subject to zoning bylaws and setback requirements.
3. Who might this property not be suitable for?
It is not suitable for families needing space, anyone unable to handle major renovations, or buyers seeking immediate appreciation from the existing structure. The very low living area and unrenovated condition require a specific intent.
4. The assessed value is strikingly low compared to city averages. Why?
The assessment reflects the market value of the property in its current state—a very small, aged home that likely needs significant work. It is valued substantially for the land rather than the building, which is common for older, unimproved properties.
5. What should a potential buyer investigate first?
The condition of the core structure (foundation, roof, framing) is paramount, as any major issues could approach or exceed the property's value. Secondly, verify zoning with the city to understand all permissible uses and any potential for subdivision or lot splitting, which could influence its investment potential.