Property Summary: 367 Union Avenue W, Winnipeg
Key Characteristics & Appeal
This is a compact, one-storey home built in 1913, situated on a modest lot in the Chalmers neighbourhood. Its primary appeal lies in being an accessible entry point into the Winnipeg market. With 800 sqft of living space, an unrenovated basement, and no garage, it presents a straightforward, low-maintenance footprint. The home last sold in October 2022 for $160,000, a price point significantly below the city-wide average.
The property suits first-time buyers or investors seeking a low-cost holding with minimal complexity. Its below-average assessed value and sale price indicate room for potential equity growth in a rising market, especially for someone willing to make gradual improvements. A thoughtful perspective is its location on a street and in an area where the homes are of a similar vintage and scale, offering a consistent streetscape without the pressure of being overshadowed by much larger, modern renovations. It represents a practical, no-frills opportunity rather than a move-in-ready dream home.
Frequently Asked Questions
1. What does "below average" for land area mean practically?
The lot is 2,264 sqft, which is smaller than most in the city, but is actually closer to the average for the immediate street and Chalmers area. This means outdoor maintenance is minimal, but space for expansions or large additions is limited.
2. Is the low assessed value a concern?
Not necessarily. The assessed value ($16,500) is for taxation purposes and is typically much lower than market value. It primarily suggests very manageable annual property taxes, which is a benefit for long-term affordability.
3. Who might this property not suit?
It would not suit buyers looking for a turn-key home, those who need multiple bedrooms or significant storage, or anyone requiring off-street parking, as there is no garage.
4. The home is over 110 years old. What should I prioritize?
While charm is a factor, the mechanical systems (heating, electrical, plumbing) and the foundation should be the primary focus of an inspection, as these can be costly in older homes, even if the house is structurally sound.
5. How does the 2022 sale price help me today?
It provides a recent, solid benchmark for the property's market value just over a year ago. This helps in understanding the seller's potential purchase price and in gauging how local values may have shifted since then.