501 Simcoe Street

Property Overview

This is a compact, one-storey home built in 1909 on a standard city lot in Daniel McIntyre. Its key appeal lies in being an accessible entry point into the Winnipeg market, offering a detached home with a garage at a very modest price point. The living space is notably smaller than most comparable homes in the area, which is reflected in its below-average assessed value. The basement exists but is unrenovated. This property would suit a first-time buyer, an investor looking for a straightforward rental, or someone seeking a minimalist footprint with the potential to build equity through gradual updates. Its older age, while common for the street, suggests a focus on maintenance fundamentals.

Frequently Asked Questions

1. Why is the assessed value so much lower than the city-wide average?
The assessed value is based on the property's characteristics relative to others. This home's significantly smaller living area (680 sq ft) and its unrenovated condition are the primary factors, placing its value well below the Winnipeg average.

2. What does the "below average" ranking for living area mean for me?
It confirms the home is compact. This translates to lower utility costs and less maintenance, but also requires efficient use of space. It's a trade-off that prioritizes affordability and lot ownership over interior square footage.

3. The home is over 110 years old. What should I prioritize in an inspection?
Given its age, an inspection should focus on the foundational structure, the roof, the electrical and plumbing systems (which may have been updated over time), and the overall envelope for insulation and moisture management. The unrenovated basement should be checked for water ingress.

4. How does the recent sale price compare to the assessed value?
The home sold for $14,500 in June 2024, which is very close to its current assessed value of $14,700. This suggests the assessment is aligned with the recent market price and may indicate a stable, un-inflated valuation.

5. The lot size is around average for the street. Is there potential to expand the home?
The 2,499 sq ft lot is typical for the area. While physically possible, any expansion would need to comply with current zoning bylaws regarding setbacks and lot coverage. The existing small footprint does leave room for potential lateral additions, subject to approvals.