Property Overview
This one-and-a-half storey home at 295 Bowman Avenue in Winnipeg's Chalmers neighbourhood presents a unique opportunity centered on its land and value. Built in 1913, the 841 sqft house sits on a notably large 5,204 sqft lot, which ranks within the top 2% for size on its street. Key features include a renovated basement and a detached garage. Recent sale and assessed value figures are consistently and significantly below the citywide average, highlighting a distinct value proposition.
Section 1: Key Characteristics & Appeal
The primary appeal of this property lies in its generous land size relative to its price point. The lot is substantially larger than most in the immediate area and on the street itself, offering rare potential for expansion, gardening, or outdoor space in an established neighbourhood. The home itself is modest, with a living area below the Winnipeg average, but benefits from a renovated basement. Its recent sale price is a fraction of the citywide average, positioning it as an accessible entry point into the market.
This home would suit a value-conscious buyer, such as a first-time purchaser or an investor, who prioritizes land over living space and sees potential in the existing structure or the lot itself. It’s also a practical fit for someone seeking a manageable footprint with a updated basement space, willing to live with or gradually improve a character home. A less obvious perspective is its appeal to those interested in "land banking" in a mature neighbourhood, where the underlying property asset—the lot—is the standout feature compared to the structure.
Section 2: Frequently Asked Questions
1. Is the $22,900 assessed value the same as the market value?
No, the assessed value is for municipal tax purposes. The market value is determined by recent sales, like the November 2023 sale at $22,300. These figures are consistently well below Winnipeg averages, indicating a very affordable price point.
2. What does the lot size ranking actually mean?
The data shows the 5,204 sqft lot ranks 5th largest out of 217 comparable properties on Bowman Avenue (top 2%). This means you are getting a lot that is much larger than the typical property on this street and in the Chalmers area.
3. Given the home's age (1913), what should I be concerned about?
While the basement has been renovated, a home of this age will likely require attention to older components like wiring, plumbing, and the foundation. A thorough inspection is essential to understand the condition and any needed updates beyond the renovated areas.
4. How does the living space compare to a typical home?
At 841 sqft, the above-ground living area is compact and below the average for Winnipeg. The renovated basement adds functional space, but the main floors offer a smaller, more efficient layout suited to individuals, couples, or small families.
5. Why is there such a large gap between this home's value and the Winnipeg average?
This reflects a combination of the home's smaller size, its age, and its specific neighbourhood market. It highlights a market segment where price is driven more by land value and basic shelter than by modern square footage or finishes, representing a different type of affordability.