Property Summary: 706 Atlantic Avenue, Winnipeg
Key Characteristics & Appeal
This is a compact, one-storey home built in 1912, situated on a standard city lot in the Inkster-Faraday area. Its key characteristic is its exceptionally low municipal assessed value, which places it in the bottom 1-2% of all Winnipeg homes. At 720 square feet, the living space is modest and well below area averages, and the basement is noted as unrenovated. The home includes a detached garage.
The primary appeal lies in its position as one of the most affordable entry points into the Winnipeg housing market. It represents a low-barrier opportunity for first-time buyers, investors, or those seeking a minimal property tax burden. Its small scale could suit a minimalist lifestyle or serve as a straightforward rental property. A thoughtful perspective is that a home of this age and value offers a clear, uncomplicated canvas; any updates or renovations made by the new owner would directly create their own equity, rather than paying a premium for someone else’s improvements. It’s a practical choice for a buyer comfortable with a project or who prioritizes financial accessibility over move-in-ready condition.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city average?
The assessed value is based on factors like the home's age, modest size, and likely its condition as reflected in the note about the unrenovated basement. It is assessed relative to similar properties, and this home ranks in the lowest percentiles for its area and the city.
2. What does "Sold price: Top 99% Avg" mean for the 2019 sale?
This metric indicates that the recorded sold price in 2019 was significantly lower than the average sale price for comparable homes at that time, placing it in the bottom 1% of such transactions. This is consistent with the property's low assessed value.
3. Who would this property suit best?
It would best suit a budget-conscious first-time homebuyer prepared for potential updates, an investor looking for a low-cost rental asset, or a buyer seeking the absolute minimum property tax liability.
4. How does the living space compare to nearby homes?
At 720 sqft, the living area is below average for the immediate street, the wider Inkster-Faraday area, and the city as a whole. Neighbouring homes in comparison groups are typically around 1,000 to 1,300 square feet.
5. Is the land size a development opportunity?
The lot is approximately 2,500 sqft, which is smaller than many city lots but is a standard size for the neighbourhood. While subdividing would likely not be feasible, the lot provides adequate outdoor space for a home of this scale.