Property Overview
This one-and-a-half storey home, built in 1915, presents a straightforward opportunity in Winnipeg's Chalmers neighbourhood. Its key appeal lies in its positioning as a land-value proposition with a very modest official assessment. The house itself offers 1,009 sqft of living space, an unrenovated basement, and a detached garage on a 2,675 sqft lot. While its living area and age are generally average for its immediate area, its standout characteristic is its significantly below-average assessed value compared to both the neighbourhood and the entire city. This creates a distinct profile: a century-old home on a standard city lot, priced far below typical market benchmarks. It would suit a buyer looking for an entry point into homeownership with renovation potential, an investor considering land value or redevelopment, or someone seeking a low property tax base. The appeal is pragmatic rather than luxurious, focusing on fundamentals and future potential over present condition.
Frequently Asked Questions
1. Why is the assessed value so much lower than the recent sale price?
The property sold for $120,000 in December 2022, but its 2024 assessed value remains at $14,900. This large gap is common when a sale occurs; municipal assessments often lag behind rapid market shifts and are not instant appraisals. The sale price is likely the best indicator of its current market value.
2. What does "below average" for land area mean in this context?
The lot size of 2,675 sqft is below the average for its street, neighbourhood, and city. However, it's a standard residential lot for older Winnipeg neighbourhoods. The "below average" ranking reflects comparisons to newer areas with larger lots, not a deficiency for the area's typical housing form.
3. Is the unrenovated basement a major concern?
It indicates the home likely needs system updates and cosmetic work. For a buyer planning renovations, it's a blank slate. For someone seeking a move-in-ready home, it represents immediate additional investment. A professional inspection is essential to check for foundational, moisture, or wiring issues common in homes of this era.
4. How significant is the 1915 build date?
The age is typical for Chalmers. It means the home has character but may have outdated plumbing, electrical, and insulation. Its "around average" ranking for the street and neighbourhood suggests the area's housing stock is uniformly historic, so renovation costs are a standard consideration here, not an outlier.
5. What can nearby sales tell us?
The sale history shows rapid appreciation from $9,200 in 2019 to $120,000 in 2022. The nearby property at 438 William Newton Ave (a similar style, built 1907) has a higher assessed value ($19,700) and larger living area, providing a useful benchmark. This suggests the subject property's value is tied closely to its specific condition and lot characteristics within this historic, modestly priced area.