Property Overview
This one-storey home at 245 Chalmers Avenue is a compact, post-war property on a generously sized lot. Built in 1946, its key features include a renovated basement and a detached garage. The home’s primary appeal lies in its land value and location within the established Chalmers neighbourhood. With a living area of 888 sqft, it is a modestly sized home, but its lot of over 4,180 sqft is notably larger than many in the immediate area and neighbourhood, offering valuable outdoor space or future potential.
The property would suit a first-time buyer, an investor, or someone looking for a manageable footprint with a low property tax burden, as indicated by its assessed value. Its recent sale history shows significant price appreciation, suggesting it’s in a transitioning area. A thoughtful perspective for a buyer is to see past the home’s smaller interior and recognize the value in the land itself—a larger lot in a central neighbourhood is a finite resource. It’s a property for someone comfortable with a home that may require updates, but who values the underlying asset and location over immediate move-in perfection.
Frequently Asked Questions
1. Is the renovated basement a legal suite?
The listing notes a renovated basement but does not specify it as a legal secondary suite. A buyer should verify its compliance with local zoning and building codes with the city and their inspector.
2. How does the low assessed value impact property taxes?
A lower assessed value typically results in lower municipal property taxes compared to homes with a higher valuation, which can be a significant ongoing savings.
3. The lot is large for the area. What are the possibilities?
The lot size offers more private outdoor space than typical and may provide future options like a significant addition, a garden, or a detached structure, subject to local bylaws and zoning.
4. The home sold recently in 2023 and 2021. Should that be a concern?
The rapid resale could indicate an investor flip or a change in owner circumstances. It underscores the importance of a thorough home inspection to understand the quality and scope of any recent work done.
5. How does this home compare to others on the street?
The data shows that for Chalmers Avenue, this home’s land area is above average (top 22%), its year built is around average, and its living area is slightly below average. This positions it as a property with a better-than-typical lot for the street, but in a smaller, older home.