Property Overview
This one-storey home at 333 Ottawa Avenue in Winnipeg's Chalmers neighbourhood presents a specific and compelling value proposition. Built in 1948, its primary appeal lies in its generous 4,089 sqft lot, which is significantly larger than most in the immediate area and neighbourhood. The home itself is modest in size at 665 sqft of living space, but it benefits from a renovated basement and a detached garage. It recently sold for $250,000, a price point that was above average for its street but below the wider Winnipeg average.
This property would suit a pragmatic buyer looking for land potential in the city. It’s ideal for someone comfortable with a smaller, older home footprint who sees value in the ample outdoor space for gardening, expansion, or future redevelopment. It could also appeal to an investor seeking a character property with a strong land-to-structure ratio, where the value is anchored more in the parcel itself than the existing dwelling.
Frequently Asked Questions
How does the lot size compare practically?
The lot is in the top 22% for size in Chalmers. This means you're getting a yard that's notably larger than most in the neighbourhood, offering more privacy and space than typical infill properties.
Is the renovated basement a full suite?
The details confirm a renovated basement but do not specify if it is a legal suite. A buyer should verify its compliance with local regulations and the scope of the renovations to understand its utility and value.
Why is the assessed value so much lower than the sale price?
The assessed value is for municipal tax purposes and often lags behind market value, especially after renovations and in active markets. The sale price reflects what a buyer recently paid based on current demand and the property's unique lot size.
What does "above average for the street but below average for the city" mean for value?
This indicates the home is in a relatively affordable neighbourhood within Winnipeg. You are paying a premium for this specific street and lot, but still entering the market at a price point well below the city's overall average, which can be attractive for budget-conscious buyers seeking a good lot.
Given the age, what should be prioritized for inspection?
While the basement has been renovated, a 1948 home will have core systems—like the roof, foundation, plumbing, and electrical—that require thorough inspection. The focus should be on the structure and major systems, not just the updated finishes.