Property Overview: 656 Bannerman Avenue
Key Characteristics & Appeal
This is a classic one-and-three-quarter storey home in Winnipeg's Inkster-Faraday neighbourhood, built in 1914. With 1,120 square feet of living space, it sits on a modest, sub-3,000 sqft lot and features a detached garage. The basement is noted as unrenovated. Its assessed value is significantly below the citywide average, a key characteristic that defines its position in the market.
The primary appeal lies in its affordability and location within a well-established community. It represents a straightforward entry point into homeownership or a potential investment property. The home suits practical, value-conscious buyers such as first-time purchasers comfortable with a home that may require updates, or investors looking for a rental property with a lower entry cost. Its older character and smaller lot size offer a lower-maintenance footprint compared to larger, newer suburban homes. A thoughtful perspective is that its below-average assessment, while indicating modest finishes, could also present a future opportunity for value increase through strategic updates, especially given the home's age and classic style.
Frequently Asked Questions
1. What does "one-and-three-quarter storey" mean for this house?
This style typically means the second floor has sloped ceilings following the roofline, with full-height walls only in the center. It offers more space than a bungalow but often with cozier, character-filled upstairs rooms.
2. The assessed value seems very low compared to city averages. Why?
The assessed value is based on the property's condition, size, and local market as of a specific date. A value this far below the city median often reflects the home's age, the unrenovated state of the basement, and the neighbourhood's pricing dynamics. It is not a sale price but a tax assessment.
3. Is the lot size a limitation?
At just under 3,000 sqft, the lot is smaller than average for both the street and the city. This means less yard maintenance but also limited space for expansions, large gardens, or additions. It's a practical fit for those prioritizing a simpler outdoor space.
4. What can the 2021 sale price range tell me?
The listed sale price range from 2021 provides a historical benchmark, showing the home traded hands at a very affordable price point several years ago. This underscores the property's consistent positioning in the affordable market segment.
5. The basement is "not renovated." What should I expect?
This typically indicates a functional but unfinished space, likely with concrete floors, exposed beams, and basic utilities. It offers ample storage and potential for future development, but any renovation would be a project for the new owner.