529 Pacific Avenue

Property Overview: 529 Pacific Avenue, Winnipeg

Key Characteristics & Appeal

This one-and-three-quarter storey home, built in 1882, is a property defined by its contrasts. Its primary appeal lies in its generous living space relative to its immediate area and its very low property tax assessment. With 1,304 sqft of living area, it ranks well above the average for Pacific Avenue, offering more interior room than most neighbouring homes. The lot size is also a standard city lot for the street. However, it's an older home with an unrenovated basement and a detached garage, positioned in a neighbourhood of mixed vintage.

The property would suit a specific type of buyer: a pragmatic investor or a hands-on homeowner looking for a low-carrying-cost entry point into the Centennial area. The remarkably low assessed value translates directly to low annual property taxes, a significant and ongoing financial advantage. This makes it a candidate for a long-term hold, a renovation project where the low baseline costs improve the investment math, or a rental property where minimizing overhead is key. It's less suited for those seeking a move-in-ready home or a property with modern foundations.

Frequently Asked Questions

1. Why is the assessed value so much lower than the city-wide average?
Property assessments are based on market value and comparable sales. This assessment reflects the home's age, condition, and the selling prices of similar, typically older homes in its immediate area, not newer city-wide averages.

2. What does "unrenovated basement" typically imply?
This usually means the basement retains its original, functional state but lacks modern finishes. Expect a concrete floor, exposed joists or stone foundations, and basic utility spaces. It offers potential but will require investment to become a finished living area.

3. The home sold for $14,800 in 2021, but $120,000 in 2017. Why the large drop?
This extreme variance is unusual and often points to a non-arms-length transaction, such as a transfer between family members. The 2021 price is not indicative of the open market value, which would be closer to the 2017 sale or higher given market changes.

4. How significant is the age of the home (1882)?
It places the home among the oldest in the city. This can mean charming character but also requires a proactive approach to maintenance. Systems like plumbing, wiring, and insulation may have been updated over time, and their current condition should be a primary focus of an inspection.

5. Is the living area efficient for its size?
At 1,304 sqft, it offers good space for the area. However, in a home of this era and style (one-and-three-quarter storey), the layout may feel compartmentalized compared to open-concept modern designs. The flow and room sizes should be evaluated against your needs.