633 Pacific Avenue

Property Overview & Key Characteristics

This one-and-three-quarter storey home, built in 1894, presents a classic character home opportunity on a standard city lot in Winnipeg's Centennial neighbourhood. Its key appeal lies in its combination of historic charm and a very accessible price point, primarily driven by its low assessed value. The living space is compact and functional at just over 1,000 square feet, and the property features a basement that exists but is unrenovated. There is no garage or pool.

The home’s data reveals a nuanced position: while its living area is fairly typical for its immediate street, its land size and assessed value fall well below averages for both the neighbourhood and the wider city. This suggests the appeal is less about the current structure and more about the potential it represents. It would suit a buyer looking for an entry point into homeownership with a vision for gradual renovation, or an investor seeking a property with a low tax burden and redevelopment potential. It’s a project property for someone comfortable with a home that requires work and sees value in its historic foundations and location over modern finishes.

Frequently Asked Questions

1. Why is the assessed value so much lower than the last sale price?
The assessed value of $110k is for municipal tax purposes and is often calculated using mass appraisal techniques. The sale price of $130k in 2022 reflects the actual market value at that time, which can be influenced by factors like condition, demand, and specific buyer motivation that aren't fully captured in the assessment.

2. What does "one & 3/4 storey" mean for layout?
This style typically features full-height rooms on the main floor and a second floor where the roofline slopes into the walls, creating some rooms with reduced ceiling height. It's a charming, classic design but may have unconventional room shapes or limited full-height space on the upper level.

3. The home is older than most on the street. Is that a concern?
Its age (1894) means it has strong historic character but likely requires careful attention to foundational integrity, wiring, plumbing, and insulation. While it ranks as "below average" for age on its street, this also means it has a unique heritage that newer homes lack. A thorough inspection is essential.

4. Is the lot size a limitation?
At 2,607 sq ft, the lot is smaller than many in Winnipeg but is a standard size for its Centennial neighbourhood. It provides adequate outdoor space for a garden or patio but may not allow for a large addition without variances. Its smaller scale can mean lower maintenance.

5. What is the immediate neighbourhood context?
The home is on a block with very close neighbours, as shown by the nearby addresses. This indicates a dense, established urban streetscape. The "around average" sale price ranking for the neighbourhood suggests the area supports its value, but the below-average assessments on the street hint at a mix of older, more modest homes.