527 Simcoe Street

Property Overview: 527 Simcoe Street, Winnipeg

Key Characteristics & Appeal

This one-and-three-quarter storey home, built in 1905, presents a classic character home opportunity in the Daniel McIntyre neighbourhood. With 1,116 sqft of living space and a renovated basement, it offers functional space on a standard city lot. The home’s primary appeal lies in its strong positioning within its immediate context. While its size and lot are average for the street and area, its assessed value ranks in the top 20% on Simcoe Street, suggesting it may be viewed as a well-maintained or improved property among its direct peers. Recent sale activity indicates a rapidly appreciating market for homes on this block.

This property would suit a buyer looking for a character home without the largest upkeep, attracted to a neighbourhood where their investment is outperforming local averages. It’s also a sensible option for those who value a renovated basement for extra living space or rental potential. A less obvious perspective is that its "below average" citywide metrics for year and lot size are actually typical for a mature, inner-city neighbourhood, representing the standard fabric of the community rather than a drawback.

Frequently Asked Questions

1. Why is the assessed value so much higher than the sale price from just six months ago?
The data shows two very recent sales: one at $8,300 in June 2024 and another at $23,500 in November 2024. This dramatic increase in a short period likely reflects a major renovation, a change in use, or a market correction for the property, and underscores the importance of understanding the specific circumstances of each sale.

2. What does the "top 20% for assessed value on its street" actually mean?
It means that compared to the 327 comparable homes on Simcoe Street, this home’s assessed value is higher than roughly 80% of them. This suggests that, for tax purposes, it is considered one of the more valuable properties on the block, which often correlates with updates, condition, or desirable features.

3. Is a 1905 home a concern?
While its age (121 years) is greater than most homes on its street and in the city, this is common for the Daniel McIntyre area. The key considerations are the quality and age of major updates (like roof, wiring, plumbing) and the recent basement renovation noted in the listing.

4. How does the lot size impact potential for expansion or outdoor space?
At 2,498 sqft, the lot is average for the street but smaller than the typical Winnipeg lot. This means outdoor space is more intimate and may limit potential for large additions without variances, but it is perfectly standard for the neighbourhood’s urban character.

5. The nearby comparable listing at 526 Simcoe has a much higher assessed value. Why?
The listed comparable at 526 Simcoe Street is assessed at $290k and has nearly double the living area (2,090 sqft). This highlights the diversity of housing stock on the same street, where larger, more extensively renovated or multi-unit homes can command significantly different valuations.