Property Overview: 623 Cathedral Avenue
Key Characteristics & Appeal
This one-and-a-half storey home, built in 1912, presents a straightforward opportunity in Winnipeg's Inkster-Faraday neighbourhood. Its key appeal lies in its very low financial barrier to entry, highlighted by an assessed value significantly below area and city averages. With 1,001 sqft of living space, it sits around the average for its immediate street and neighbourhood, but its standout feature is the 5,241 sqft lot, which is notably larger than most in the area. The home has a basement, but it is noted as not renovated, and the property does not include a garage or pool.
This property would suit a specific type of buyer: those seeking an extremely affordable entry into homeownership, investors looking for a land-value play with a existing structure, or hands-on individuals who view the home as a canvas for renovation. Its low taxes and purchase price (evidenced by its recent sale in the $14.5k-$17.5k range) mean carrying costs are minimal, allowing a buyer to allocate resources toward improvements over time. A less obvious perspective is that the large lot, relative to the neighbourhood, offers future potential not reflected in the current price—whether for expansion, gardening, or simply as a rarity in an older, established area.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city average?
The assessed value is based on the property's current state, market area, and recent sales. This valuation reflects the home's age, condition, and the specific market dynamics of the neighbourhood, resulting in a very low tax burden.
2. What does "basement, not renovated" typically imply?
This usually indicates the basement is in original or functional condition but has not been modernized or finished to contemporary standards. Buyers should budget for potential updates and anticipate it being used for utilities and storage rather than as finished living space.
3. Is the large lot size a significant advantage?
Yes. The lot is larger than most in both the immediate area and the wider neighbourhood. This provides more outdoor space and could offer more flexibility for future projects, additions, or landscaping than is typical for properties in this price range.
4. Who would be the ideal buyer for this home?
It's best suited for buyers comfortable with a project, whether as a live-in renovation, a long-term hold for its land value, or a rental investment. It is less suited for someone seeking a move-in-ready home without any required work.
5. How reliable are the provided sold price ranges?
The ranges are based on publicly available data. For the exact historical sold price, you can request it via email from the site; they provide this verified figure manually as a free service without marketing spam.