824 Home Street

Property Overview: 824 Home Street, Winnipeg

Key Characteristics, Appeal & Ideal Buyer

This is a modest, century-old one-and-a-half storey home in the Daniel McIntyre neighbourhood. With 1,017 sqft of living space and a 2,507 sqft lot, its size is fairly typical for its immediate area but below the Winnipeg city average. The home has an unfinished basement and no garage. Its most defining characteristic is its exceptionally low municipal assessed value ($15,400), which places it in the bottom 3% citywide, indicating it is likely a fixer-upper or a very basic, unrenovated property.

The primary appeal lies in its potential as an entry point into the Winnipeg market. The low assessment suggests a correspondingly low purchase price, making it a candidate for first-time buyers, investors seeking a rental property with a low cost basis, or hands-on owners planning a gradual renovation. Its lot size is workable for the neighbourhood, and its location on a street lined with similar properties offers a consistent, established community feel. A less obvious perspective is that a home with such a low official valuation can represent a calculated opportunity to add value through improvements, not just as a dwelling but as a financial project. It suits a pragmatic buyer who views utility and potential over immediate comfort and is prepared for the realities of maintaining a 117-year-old structure.

Frequently Asked Questions

1. Why is the assessed value so much lower than the recent sale prices shown?
The listed sale prices from 2020 and 2024 are for different, nearby properties (e.g., 804 Home Street) provided for comparison. They are not the sale history of 824 Home Street itself. This home’s own assessed value remains very low.

2. What does the "Top 97%" ranking for assessed value citywide mean?
This means the home’s assessed value is lower than approximately 97% of all comparable properties in Winnipeg. It is in the bottom 3% of values, strongly indicating it is unrenovated, in need of significant work, or very modest in its current condition.

3. Is the living space suitable for a family?
At just over 1,000 sqft, the living area is compact. It would be a tight fit for a growing family but could work for a small household, a couple, or an individual. The one-and-a-half storey design often means smaller, cozier rooms.

4. What are the implications of having an unfinished basement?
An unfinished basement provides essential utility space and storage but not additional finished living area. It may house the furnace, electrical panel, and laundry, and offers potential for future development, subject to building codes and moisture management.

5. How does the age of the home (1909) affect ownership?
A home of this age has character but requires diligent maintenance. Buyers should budget for updates to older systems like wiring or plumbing and anticipate ongoing repairs. A thorough pre-purchase inspection is essential to understand the condition of the foundation, roof, and structure.