343 Larsen Avenue

Property Overview & Key Characteristics

This one-storey home at 343 Larsen Avenue in Winnipeg's Chalmers neighbourhood is a property defined by its land and potential. Built in 1914, its primary appeal lies in its 3,298 sqft lot, which is above average for the immediate area. The home itself is modest at 663 sqft of living space and features an unrenovated basement and a detached garage. The most recent sale was in August 2022 for $15,500, with a current assessed value of $16,200.

Its core appeal is for value-conscious buyers seeking a foothold in the market with a clear focus on the future. It suits an investor looking for a land-value play, a handy buyer planning a significant renovation or rebuild, or someone seeking minimal ongoing property tax obligations due to the low assessment. A less obvious perspective is that, while the living space is small, the generous lot for the area offers a rare commodity: space for gardens, storage, or outdoor living that many neighbouring properties lack.

Frequently Asked Questions

1. Is this a move-in ready home?
No. The listing notes the basement is unrenovated, and the home's size and age suggest it will require updates and improvements for modern living. It is best viewed as a project or a property purchased primarily for its land.

2. Why is the assessed value so much lower than the citywide average?
The assessed value reflects the property's current state—a very small, older home on a lot that, while generous for the street, is still smaller than the Winnipeg average. Value is heavily weighted toward the land rather than the existing structure.

3. What can I build on this lot?
Any new construction or major addition would require checking with the City of Winnipeg's planning department for current zoning bylaws, setback requirements, and permitting. The lot size is a strong starting point for potential development.

4. How does the 2022 sale price relate to today's value?
The 2022 sale price is a historical data point. Current market conditions, interest rates, and demand in Chalmers will determine today's value. The assessed value is for tax purposes and is not an indication of market price.

5. Are the utility systems (plumbing, electrical, heating) original?
Given the home's age (1914), it is highly likely that core systems have been updated over time, but the extent and timing of those updates are unknown. A thorough inspection would be essential to determine the condition and capacity of these critical components.