Property Summary: 647 Home Street, Winnipeg
Key Characteristics & Appeal
This is a substantial, century-old home (built 1913) offering generous living space within the established Daniel McIntyre neighbourhood. Its primary appeal lies in its above-average interior size—nearly 2,000 sq ft spread across two and a half storeys—which ranks it highly for space both locally and city-wide. The property presents a clear value proposition: you acquire significant square footage at an assessed value that is modest relative to the city average. This creates a notable opportunity for buyers seeking room to grow or renovate without the premium price tag of a newer, similarly sized home.
The home suits practical buyers who value character and space over modern finishes, as the basement is noted as unrenovated and there is no garage. It’s an ideal project for an owner-occupant looking to customize a solid, older home over time, or potentially for an investor seeking a larger-format rental in a central location. A thoughtful perspective is that while the lot size is smaller than the city average, it is typical for the area, emphasizing the home’s focus on interior volume and its place within a mature, walkable community.
Frequently Asked Questions
1. Is the assessed value the same as the market value?
No. The municipal assessed value for tax purposes ($19,900) is significantly lower than recent sale prices (e.g., $190,000 in 2025). Market value is determined by what buyers are currently willing to pay.
2. What does "basement, not renovated" imply?
It indicates the basement is functional but in original or dated condition. Buyers should budget for potential updates and consider a thorough inspection to assess the foundation, plumbing, and electrical systems common in homes of this era.
3. The home ranks highly for living area but lower for lot size. What does this mean practically?
It means the house itself is spacious, but the outdoor yard space is more limited. This is typical for older central neighbourhoods and suggests the property’s value is in the interior living space rather than extensive outdoor grounds.
4. How does the age of the home (1913) affect ownership?
While it adds character, it necessitates attention to aging components like wiring, plumbing, and windows. The positive ranking for its year built on its street suggests it is among the more established homes in a historic area, which can be appealing for heritage charm.
5. Why is there such a large gap between the assessed value and recent sale prices?
This is common in rapidly appreciating markets or areas undergoing revitalization. The assessed value often lags behind current market trends. The sale history shows a sharp increase, highlighting the area's growing buyer demand.