58 Ericsson Bay – Property Summary

Key Characteristics & Buyer Profile

This is a 1,120 sqft home on a 6,720 sqft lot, built in 1964. The assessed value sits at $412,000. What stands out here isn't the living space—it's the land. The lot is well above average across every comparison level: top 20% on the street, top 23% in the neighbourhood, and top 19% citywide. The assessed value also runs high for the area (top 15% on the street, top 25% in the neighbourhood), which suggests the premium is tied more to the property's location and lot size than the house itself.

The house is on the smaller side for the street (ranked 34 out of 41), and while it was built earlier than most on this block, the year is unremarkable within the broader neighbourhood and city. The appeal here is for buyers who value yard space, privacy, or expansion potential over a larger existing floor plan. It would suit someone looking to renovate, add on, or simply own a generously sized lot in an established area. It's less suited for someone needing maximum finished square footage for the price.

Five Possible FAQs

1. Why is the assessed value high if the house is small?
The value is driven mostly by the lot. The land area ranks in the top 20% on this street and top 19% citywide. Older homes on larger lots in mature neighbourhoods often carry values that reflect the land's redevelopment or renovation potential rather than the current structure.

2. Is this a fixer-upper or a move-in ready home?
That depends on the buyer's standards. The data doesn't include condition, but a property this age with a below-average living area on an above-average lot often attracts buyers who plan to renovate or rebuild. It's worth inspecting closely rather than assuming it's turnkey.

3. How does this property compare to others nearby?
On the same street, it's one of the oldest and smallest houses, but one of the most highly assessed. That indicates it's not typical for the block. Most neighbours likely have larger homes on slightly smaller lots. You're paying for being on the lower end of house size but the upper end of land size relative to the street.

4. Who typically buys this type of property?
Buyers who prioritize outdoor space, gardens, or the option to expand later. Also contractors or investors looking for a lot with a structure that may be updated or replaced. Families wanting a finished home with a large interior layout would likely look elsewhere.

5. What should I check before making an offer?
Beyond the standard inspection, look into zoning bylaws for lot coverage, setback requirements, and any restrictions on additions or secondary suites. On a smaller house with a larger lot, the potential to expand is often the real value—but it's only useful if the rules allow it.