Property Overview: 314 Madison Street, Winnipeg
Key Characteristics & Appeal
This one-and-a-half storey home in Kensington is defined by its generous, above-average lot size of nearly 5,000 sq ft, offering more outdoor space than most properties on its street and in the wider neighborhood. Built in 1945, it is notably older than the Winnipeg average but is actually one of the newer homes on its block. With 937 sq ft of living space, it provides a comfortable footprint that is typical for the immediate area. The home presents a value-oriented entry point, with a current assessed value significantly below the citywide average. Its appeal lies in the potential of its sizable lot in an established community, coupled with the lower property tax burden associated with its assessment. This property would suit a first-time buyer, an investor, or a hands-on owner looking for a character home with room to grow, garden, or expand, who is comfortable with a home that may require updates reflective of its era.
Frequently Asked Questions
1. Is the assessed value the same as the market price?
No. The assessed value ($18,700) is for municipal tax purposes. Recent sales data suggests the market price is higher, with the home selling in the $235k-$265k range in mid-2024.
2. What does the "Top X%" ranking mean for the lot size?
Rankings compare this home to specific groups. Its lot ranks in the "Top 9%" on Madison Street, meaning 91% of lots on the street are smaller. In Kensington, it's in the "Top 19%," indicating it's larger than most in the neighborhood, which is a key advantage.
3. As an older home, what should I consider?
Built in 1945, major systems like roof, wiring, plumbing, and insulation may be at or beyond their typical lifespan. A thorough inspection is essential to understand the condition and prioritize any necessary updates for comfort and efficiency.
4. Why is the citywide assessed average so much higher ($390k)?
The citywide average includes all property types, sizes, and newer neighborhoods. This home's assessment is more aligned with its specific characteristics and the modest scale of many older Winnipeg neighborhoods, not with newer, larger suburban homes.
5. There's no garage. How is parking?
The listing notes no garage. You should investigate on-street parking permits, regulations, and typical availability on Madison Street, as well as the feasibility and cost of adding a driveway or parking pad to the large lot.