Property Overview: 497 Toronto Street, Winnipeg
Key Characteristics & Appeal
This is a classic one-and-three-quarter storey home in the Daniel McIntyre neighbourhood, built in 1906. With 936 sqft of living space and a 2,323 sqft lot, it presents a compact and manageable footprint. The home features a detached garage and an unfinished basement, indicating it's a property with potential rather than a turn-key renovation.
Its primary appeal lies in its position as an affordable entry point into the Winnipeg market, particularly within an established inner-city community. The assessed value of $160k is notably below the city-wide average, offering a lower barrier to entry. For its street and immediate area, however, the value is more typical, suggesting you're paying for location within this specific community. The home would suit a first-time buyer comfortable with a project, an investor looking for a character rental, or someone seeking a modest, low-maintenance base in a central location. A thoughtful perspective is that a home of this age and size on Toronto Street offers a chance to own a piece of the city's architectural history without the overwhelming scale or restoration costs of a larger heritage property.
Frequently Asked Questions
1. Is this a "below average" property?
It depends on the scale. City-wide, its size, value, and lot are below average. However, within the Daniel McIntyre neighbourhood and especially on Toronto Street itself, it is much more typical, ranking around average for value and age. This indicates you're buying into a local norm, not a city-wide one.
2. What does the sale history indicate?
The home sold for $14.80k in October 2020. This drastic difference from the current assessed value likely indicates a prior state of significant disrepair or a non-arms-length transaction. It highlights a period of major change or investment in the property over the last few years.
3. Who is this home not suited for?
It is likely not suited for buyers seeking modern, open-concept layouts or who require substantial finished living space. The unfinished basement and compact main living area require a willingness to work with the existing character floorplan.
4. What are the less obvious costs or considerations?
As a 120-year-old home, even if systems have been updated, maintenance will be dictated by its age. Budgeting for potential updates to older plumbing, wiring, or the roof should be a priority. The unfinished basement also represents both potential and a future cost.
5. How does the lot size impact its potential?
At 2,323 sqft, the lot is smaller than many in the suburbs but standard for the area. It allows for a manageable yard but limits possibilities for large additions. The value is in the central location, not in expansive outdoor space.