394 Ferry Road

Property Overview

394 Ferry Road is a compact, early 20th-century home in Winnipeg's King Edward neighbourhood. Its key characteristic is its exceptionally low municipal assessed value, which places it in the bottom tier compared to similar homes on its street, in the area, and across the city. The living area is modest at approximately 730 square feet, situated on a smaller urban lot. The home was built in 1918, making it older than many area averages.

Its primary appeal lies in its position as a potential entry point into the housing market with a very low property tax burden. It suits buyers looking for a minimal holding cost, investors considering a complete renovation or redevelopment project (subject to lot zoning and feasibility), or those seeking a modest, no-frills dwelling in a central location. A thoughtful perspective is that a home with such a low assessment in an established neighbourhood may represent a rare opportunity to add value through improvements, where the owner's investment could significantly outpace the baseline property value.

Frequently Asked Questions

1. What does the assessed value mean for my property taxes?
The municipal assessed value is used to calculate your property taxes. With an assessed value significantly below area averages, this property would likely carry a much lower annual tax bill than most homes in Winnipeg.

2. Is the house livable in its current condition?
The listing does not describe the interior condition. Given the age and assessed value, prospective buyers should budget for inspections and likely updates or repairs. It may be suited for someone comfortable with a renovation project.

3. What are the possibilities for expanding or rebuilding?
The lot is smaller than average for the city. Any plans for a significant addition or rebuild would require careful review of the City of Winnipeg's zoning bylaws, heritage considerations (due to the 1918 build date), and feasibility on the existing footprint.

4. How does the low assessed value affect resale?
While it suggests a lower purchase price, it also indicates the home is currently valued well below norms. Future resale would depend heavily on the market conditions at that time and any improvements made by the owner.

5. What is the King Edward neighbourhood like?
King Edward is a mature, central neighbourhood. It typically offers more affordable housing options, proximity to downtown, and local amenities. As with any area, it's advisable to visit at different times to get a feel for the specific street and community.