Property Overview: 464 Victor Street, Winnipeg
Key Characteristics & Appeal
This is a classic one-and-three-quarter storey home in the established St. Matthews neighbourhood, built in 1906. Its key characteristic is its significant lot size of 2,356 sq ft, which ranks in the top 23% of the neighbourhood, offering valuable outdoor space and potential in a central area. The home itself has 928 sq ft of living space and features a detached garage and an unrenovated basement.
The primary appeal lies in its position as a land-value proposition and a solid entry point into a mature, inner-city community. It suits a specific type of buyer: the practical renovator, the value-focused investor, or someone seeking a lower barrier to entry into homeownership with a clear, long-term asset in the land itself. The very low assessed value suggests it is a foundational property, likely requiring modernization. Its appeal is not in turn-key finishes but in the opportunity it represents—a chance to build equity through sweat equity on a generously sized lot in a well-located neighbourhood. A thoughtful perspective is that while the home's living area is modest, the lot size is well above average for the street, indicating room for future expansion, garden space, or simply the rarity of more land in the city core.
Frequently Asked Questions
1. Why is the assessed value so much lower than nearby properties?
The assessed value of $9,700 is among the lowest in the city, reflecting the home's age, condition, and the fact it has not been renovated. It indicates the current value is primarily in the land, with the building itself contributing very little to the assessment.
2. What does "one & 3/4 storey" mean for the layout?
This style typically features a main floor and a second floor where the ceilings slope with the roofline, creating cozy bedrooms or spaces with character. The total finished living area is 928 sq ft, so rooms may be compact but functional.
3. Is the neighbourhood a good investment?
St. Matthews is a central, long-established neighbourhood. The property ranks in the top 23% for lot size here, suggesting you're acquiring a better-than-average parcel of land in the area, which is a positive fundamental for future value.
4. What does "basement, not renovated" imply?
It means the basement is unfinished and in its original or utility state. It provides storage and houses mechanical systems but would require significant work to be converted into livable space.
5. How does the recent sale price compare?
The home sold for $9,100 in October 2022, which is slightly below its current assessed value. This recent sale confirms the property's positioning in the market as a value-based purchase rather than a premium one.