Property Overview
This one-storey home at 375 Kensington Street is a compact, century-old property on a standard city lot. Its primary appeal lies in its position as an affordable entry point into the Winnipeg market, particularly within the Kensington neighbourhood. The home is notably small at 644 sqft, placing it well below average in size for the area and city. It features a basement (not renovated) and has no garage or pool. Recent assessed values and past sale prices are significantly lower than both neighbourhood and city averages, indicating a property with a very modest financial footprint.
Key Characteristics & Ideal Buyer
This house is defined by its practicality and potential rather than luxury or move-in-ready finishes. Its key characteristic is its scale: it's a small, simple dwelling on a decently-sized lot (3,496 sqft) for the area. The appeal exists almost entirely in its affordability and location. It suits a specific type of buyer: a first-time purchaser, an investor, or a downsizer seeking the lowest possible price to gain a foothold in the city. It would appeal to someone comfortable with a project, as the unrenovated basement and age of the home suggest updates will be needed. The value proposition is the land and location more than the current structure, making it a candidate for a long-term hold, a gradual renovation, or even a future redevelopment site given the right zoning.
A less obvious perspective is that its consistently low sale prices and assessed value, while signalling a need for investment, also represent a predictable and stable property tax burden. For a buyer on a tight budget, this long-term cost certainty can be as important as the purchase price.
Frequently Asked Questions
1. Why is the living space so much smaller than area averages?
At 644 sqft, this is a notably compact one-storey home, even for its historic neighbourhood. Many homes in the area have been expanded or were simply built larger, placing this property in the smaller tier of available housing.
2. How can the assessed value be so much lower than nearby homes?
The assessed value reflects the home's small size, age (built 1918), and likely condition relative to other properties. It is assessed closer to the average for Kensington Street itself but falls into a much lower percentile when compared to the entire city, where larger, newer homes dominate the market.
3. What does "Top 93%" for a past sold price mean?
This ranking indicates that the sale price was lower than approximately 93% of other recorded sale prices in Winnipeg for that period. It underscores that this property transacts at a deep discount compared to the typical city home.
4. Is the unrenovated basement finished or usable?
The listing specifies the basement is "not renovated." This typically means it is in a rough, unfinished state (concrete floors, exposed framing/mechanicals) and would require investment to become a comfortable living or storage space.
5. Given its age, what should a buyer prioritize in an inspection?
For a home built in 1918, a thorough inspection is essential. Key focuses should be the foundation, roof, electrical wiring, plumbing, and evidence of moisture or insulation issues, especially in the unrenovated basement. The inspection will clarify the scope of needed updates.