423 Ritchot Street

Property Overview: 423 Ritchot Street, Central St. Boniface

Key Characteristics & Appeal

This is a classic, no-frills property in the heart of St. Boniface, built in 1946. Its primary appeal lies in its location and land. The lot is a generous 4,088 sqft, which is above average for the immediate street and neighbourhood, presenting a significant opportunity for expansion, gardening, or outdoor living. The home itself is a modest, one-storey bungalow with 975 sqft of living space and includes a basement (unrenovated) and a detached garage.

The data suggests this is a value-driven proposition. The home’s assessed value and recent sale price are notably below city-wide averages, positioning it as an accessible entry point into a well-established community. Its strongest suit is the land-to-price ratio in a central location. This property would suit a practical buyer—perhaps a first-time homeowner, an investor, or a downsizer—who sees potential in the lot size and is comfortable with a home that requires updates. It’s less about move-in-ready perfection and more about securing a footprint in a historic neighbourhood with room to grow or customize over time.

Frequently Asked Questions

1. Is the land size a major advantage here?
Yes. The lot is larger than most on the street and in Central St. Boniface. This provides more private outdoor space and future potential than is typical for homes in this price range in the area.

2. What should I expect regarding the home’s condition?
The listing notes an unrenovated basement. Given the home's age (1946) and below-average living area, buyers should budget for modernizing essential systems and likely updating the main living spaces to suit contemporary needs.

3. How does the assessed value relate to the likely market price?
The property is assessed at $27,300 and sold for $25,200 in late 2020. This indicates it is valued as a land-play with a modest structure. Market price will be influenced by current conditions, but it will likely remain significantly below the Winnipeg average, reflecting the work needed on the home itself.

4. Who would this property not be suitable for?
It may not suit buyers seeking a turn-key, modern home with ample finished space. The living area is below average, and the property requires a vision for utilizing the land or a willingness to undertake renovations.

5. What is the context of the sale history?
The 2020 sale price was well below neighbourhood and city averages at that time. This history reinforces the property's profile as a value-based purchase focused on lot size and location rather than the existing structure's premium features.