Property Overview & Appeal
This one-and-three-quarter storey home, built in 1908, is a compact character property on a standard city lot in Central St. Boniface. Its key appeal lies in its location and potential, rather than its current condition or size. With 984 square feet of living space, an unrenovated basement, and no garage, it presents as a straightforward project. The assessed value is notably low for the area, which typically indicates a home in need of significant updating. Its strongest asset is the lot itself, which is of average size for the immediate street but below average for the wider neighbourhood and city.
This property would suit a specific type of buyer: a hands-on renovator looking for an entry point into a well-established neighbourhood like St. Boniface. It’s also a candidate for an investor or builder considering a hold-and-renovate strategy or even a future rebuild, given the underlying land value in the area. It is less suited to those seeking a move-in-ready home or who require ample indoor space from the outset.
Frequently Asked Questions
1. Why is the assessed value so much lower than nearby properties?
The assessed value reflects the home's current state. Given its age, smaller living area, and unrenovated condition compared to neighbourhood averages, the valuation is based primarily on the land value and the existing structure's contribution in its present form.
2. What does "one & 3/4 storey" mean for layout and renovations?
This style typically features a full main floor and a second floor where the roofline slopes into the walls, creating some rooms with reduced ceiling height. This unique character can be charming but may also present layout challenges and require thoughtful design during any renovation.
3. Is the unrenovated basement finished or usable?
The listing specifies the basement exists but is "not renovated." Buyers should assume it is in original or utility condition, requiring significant work to become finished living space, and should budget for potential foundational, moisture, or updating issues common in century-old homes.
4. How does the 2016 sale price of $17,500 relate to today's value?
That historic sale price is not indicative of current market value. It likely represented a distressed sale, transfer between parties, or the value of the lot at a specific time. The current assessed value and market conditions provide a more relevant, though still distinct, benchmark.
5. What are the less obvious considerations for a home of this age?
Beyond visible updates, consider the long-term maintenance cycle for a 118-year-old home. This includes the condition of wiring, plumbing, the roof, and the foundation. While an opportunity to customize, it requires a budget and mindset prepared for uncovering and addressing unforeseen issues inherent to its vintage.