Property Overview
This one-and-a-half storey home on Bannerman Avenue presents a compact, no-frills homeownership opportunity in Winnipeg's Inkster-Faraday neighbourhood. Built in 1918, its key appeal lies in its renovated basement and a very manageable scale, reflected in its below-average living space of 783 sq ft and a modest lot size. The detached garage adds practical value. Its assessed value is notably lower than the citywide average, positioning it as an accessible entry point into the market. This property would suit first-time buyers, investors looking for a straightforward rental property, or downsizers seeking a low-maintenance footprint without a large renovation project. Its charm is in its simplicity and function, offering the basics in a settled area.
Frequently Asked Questions
1. Is this a small house?
Yes. At 783 sq ft of living area, it is significantly smaller than average for Winnipeg, ranking in the bottom 10% citywide. It's a compact home best suited for individuals, couples, or small families.
2. What does the "renovated basement" mean?
The listing confirms the basement has been renovated, but the specific scope and quality of finishes are not detailed. A professional inspection is recommended to understand the condition and compliance of the work.
3. Why is the assessed value so much lower than the city average?
The assessed value of approximately $21,700 is based on municipal valuation for tax purposes and reflects the home's age, size, and local market conditions in Inkster-Faraday. It is not a market price but indicates a relatively low tax base.
4. How stable has the home's value been?
Based on available sold price ranges, the home sold for between $10.5K-$13.5K in late 2020 and between $17.5K-$20.5K in early 2022. This suggests a period of appreciation, but context on property condition and market trends at those times is essential.
5. What are the less obvious considerations?
Given its age (108 years), potential buyers should budget for ongoing maintenance typical of a century-old home. Also, while the lot is smaller than average, it may offer easier upkeep. The neighbourhood rankings show the home is more typical in size and value for its immediate area than for the wider city.