Property Overview: 685 Cathedral Avenue, Winnipeg
Key Characteristics & Appeal
This is a compact, one-storey home built in 1913, situated on a standard-sized lot in the Inkster-Faraday neighbourhood. Its primary appeal lies in its efficiency and value within its immediate context. With a modest 708 sqft of living space and a renovated basement, it offers a straightforward, low-maintenance footprint. The detached garage adds practical utility.
The data reveals a nuanced picture: while the home's size is below average city-wide, its assessed value ranks well above average for the Inkster-Faraday area. This suggests it represents a comparatively strong value proposition within this specific neighbourhood. It last sold in late 2022 for an estimated $25.5k-$28.5k.
This property would best suit a pragmatic, budget-conscious buyer. It's ideal for a first-time homeowner seeking an entry point into the market, an investor looking for a manageable rental property, or someone wanting to minimize living space and associated costs. Its appeal is less about grandeur and more about practicality and financial accessibility in a well-established area.
Frequently Asked Questions
1. Is this a "tiny home"?
While its 708 sqft living area is compact and below the city average, it is a full, traditional lot-based home with a basement and detached garage, offering more utility than a modern "tiny home" typically would.
2. How does the low assessed value work?
The assessed value ( $23,900 ) is for taxation purposes and reflects the property's value relative to others in Winnipeg. It is not the market sale price, which was higher in the 2022 transaction. This can indicate relatively lower property taxes.
3. What does the "renovated basement" include?
The listing notes a renovated basement but does not specify the finish or layout. This is a key detail to clarify with the seller or agent to understand if it's a livable space, a utility area, or has separate entrance potential.
4. Given its age, what should I be concerned about?
As a home built in 1913, potential buyers should prioritize inspections for foundational integrity, the condition of older plumbing and electrical systems (and any updates), and the roof. Its age is typical for the street and area.
5. Why is its value ranking higher in the neighbourhood than city-wide?
This highlights the property's standing in its local market. It suggests that for Inkster-Faraday, this home is considered a solid asset compared to its peers, whereas city-wide, different standards of size, location, and amenities apply.