Property Overview: 294 Ferry Road, Winnipeg
Section 1: Key Characteristics & Appeal
This one-storey home on Ferry Road is a modest, century-old property (built 1918) that presents a clear value proposition centered on affordability and potential. With 783 square feet of living space and a 2,487 sqft lot, it is compact and sits on a smaller parcel relative to most homes in the King Edward neighbourhood and Winnipeg overall. Its most defining characteristic is its exceptionally low municipal assessed value ($14,700), which places it in the bottom 3% of comparable properties citywide. This indicates a significant opportunity for a buyer looking for an entry point into the market.
The appeal lies squarely in its price point and the chance to shape a property to one's own needs. It suits a specific type of buyer: the hands-on renovator, the investor seeking a rental property with a very low cost basis, or a first-time buyer prioritizing minimal mortgage debt over move-in-ready condition. The unrenovated basement and the home's age suggest it requires work, making it a project. A thoughtful perspective is that its small size and low operating costs could align well with a minimalist or downsizing lifestyle, while its established neighbourhood location offers more stability and community than newer, peripheral subdivisions.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than the citywide average?
A very low assessed value typically reflects the property's age, smaller size, condition, and lack of recent major renovations compared to the broader market. It is a baseline for municipal taxation, not market value, but strongly indicates a lower-cost entry point.
2. What does "below average" for living area mean for daily life?
At 783 sqft, the living space is efficient and compact. It necessitates thoughtful organization and is likely best for a single person, a couple, or a small family comfortable with cozy quarters. It may not suit those needing dedicated home office space or multiple large living areas.
3. Who would this property not be suitable for?
It would likely not suit buyers seeking a turn-key, modern home without renovation projects. Those requiring ample indoor space, a garage, or a large yard for recreation may also find it too limited.
4. The home sold in 2017 for a very low price. What does that history suggest?
The prior sale price range ($10.5K - $13.5K) is consistent with a property in need of significant investment. It underscores the home's long-standing status as a value-priced project and highlights the potential for equity growth through improvements.
5. Is the smaller lot size a major disadvantage?
While below average in size, the lot is still a useable outdoor space. For some, a smaller yard means less maintenance. The trade-off is less private outdoor area, but the property maintains its detached home status, which often carries more value than a condo or townhouse.