Property Overview: 354 Union Avenue W, Winnipeg
Key Characteristics & Buyer Profile
This home is a one-and-three-quarter storey property in the Chalmers neighbourhood, built in 1903. Its key appeal lies in the balance of its generous living space relative to its immediate surroundings and its very low property tax base. With 1,232 square feet of living area, it offers significantly more interior space than most comparable homes on its street and in the wider neighbourhood. The lot size is standard for the area at 3,444 square feet and includes a detached garage.
The property’s most defining characteristic is its exceptionally low municipal assessed value of $15,100, which places it well below averages for the street, neighbourhood, and city. This translates to minimal annual property taxes, a major financial advantage. The trade-off is that the home is notably older than nearly all peers and likely requires modernization. It last sold in September 2021 for $12,500.
This home would suit a pragmatic, hands-on buyer looking for a footprint with potential in an established neighbourhood, where the priority is securing a low ongoing carrying cost. It’s a candidate for a gradual renovation project or could serve as a strategic holding property. It is less suited for buyers seeking a move-in-ready home or who are not prepared for the maintenance and updates typical of a structure over a century old.
Frequently Asked Questions
1. What does the low assessed value mean for me?
It primarily means very low annual property taxes, a significant long-term savings. However, it also suggests the city’s valuation accounts for the home’s age and condition, so a market-price purchase would likely involve a large difference between the sale price and the assessed value.
2. Is the living space actually larger than nearby homes?
Yes. The data shows its living area ranks in the top 14% on its street and in Chalmers, meaning it has more interior square footage than about 86% of comparable local properties. This is the home’s standout positive metric.
3. How significant is the age of the home (1903)?
It is among the oldest 1% of homes on its street and in the neighbourhood. This typically indicates a need for careful inspection of foundational elements, wiring, plumbing, and insulation. It represents both historic character and a higher likelihood of maintenance projects.
4. Why is there such a big gap between the city-wide average assessed value and this home’s?
The city-wide average is skewed by assessments across all neighbourhoods, including newer suburban areas with higher-valued homes. This property’s assessment is more accurately compared to its immediate Chalmers and street-level averages, where it is still below par.
5. What can the 2021 sale price tell me?
The recent sale price of $12,500 indicates the property has been transacted at a very low value historically, consistent with its low assessment. It provides a recent benchmark, but market conditions and any changes to the property since then must be considered for a current valuation.