428 Ritchot Street

Property Overview: 428 Ritchot Street, Central St. Boniface

Key Characteristics & Appeal

This is a classic, compact one-storey home built in 1946, situated on a generously sized lot of over 4,500 sqft in the established Central St. Boniface neighbourhood. Its primary appeal lies in its location and land value. The lot size is notably above average for both the immediate street and the broader neighbourhood, offering a rare blend of urban proximity and outdoor space. While the living area is modest at 744 sqft and the basement is unrenovated, the property presents a clear opportunity: it’s a land play with a liveable structure. The detached garage adds practical utility.

This home would suit a specific type of buyer. It’s ideal for an investor, builder, or handy purchaser looking for a footprint in a sought-after area without paying for a fully modernized home. It’s a canvas—whether for a long-term hold, a renovation project, or future redevelopment. The 2021 sale price was closely aligned with its assessed value, suggesting a stable, realistic valuation based on its current state.

Frequently Asked Questions

1. Is the lot large enough for future expansion or redevelopment?
Yes. The lot is significantly larger than many in the area, ranking in the top 31% on its street for land area. This provides flexibility for additions, a garden suite, or future redevelopment, subject to city zoning bylaws.

2. How does the age of the home affect its condition and value?
Built in 1946, it’s newer than many neighbouring homes, ranking in the top 20% for year built on its street. This suggests potentially fewer concerns associated with very early-1900s construction, but buyers should still expect the maintenance and system updates typical of an 80-year-old house.

3. What is the neighbourhood like for investment and livability?
Central St. Boniface is a historic, well-established community with strong demand. The property’s assessed value is around the neighbourhood average, indicating it’s in line with the local market. The area offers character and convenience, supporting both rental potential and owner-occupancy.

4. Why is the living space considered below average?
At 744 sqft, the home’s living area is compact, ranking in the bottom 15% compared to other homes on the street. This highlights that the property’s value is primarily in the land and location, not in the size of the current dwelling.

5. What can past sale prices tell us?
The home sold for $32,100 in 2021, a price consistent with its assessed value and the neighbourhood average. A prior sale in 2017 was significantly lower, showing appreciation over that period. This history suggests a stable, transparent market value for the property in its current condition.