Property Overview
This is a compact, one-storey home built in 1909 on a standard city lot in the Chalmers neighbourhood. Its key appeal lies in its position as an accessible entry point into the Winnipeg market. With a modest 702 sqft of living space, an unfinished basement, and no garage, it is a straightforward property that has recently sold for $110,000—a price point significantly below city averages.
The home suits first-time buyers or investors seeking a low-cost acquisition with minimal financial barrier to entry. Its below-average assessed value translates to very low property taxes, a notable ongoing savings. The lot size, while average for the immediate street, offers potential for expansion or outdoor space relative to the home's small footprint. A thoughtful perspective for the right buyer is viewing this not just as a finished house, but as a foundational asset: the low purchase price allows for a renovation budget to customize the space over time without immediately over-investing for the area. It is less suited for those seeking move-in-ready finishes or ample storage.
Frequently Asked Questions
What is the true cost of ownership with such a low purchase price?
Beyond the mortgage, the primary costs will be utilities for an older home and maintenance. The significantly below-average assessed value means annual property taxes will be exceptionally low, which is a major long-term financial benefit.
Is there potential to expand the living space?
The existing living area is small, but the lot is a standard city size. The unfinished basement presents one opportunity for additional space. A main-floor addition or building a garage could also be possible, subject to local zoning and permits.
How does the age of the home (1909) affect it?
Expect character common to early 20th-century construction, but also the need for careful attention to aging systems like plumbing, wiring, and the foundation. An inspection is essential to understand the condition and any imminent updates required.
The sale price is far above the assessed value. Why?
Assessed value for municipal taxes is not the same as market value. This sale reflects current market demand for affordable housing. The large gap suggests the property may have been under-assessed, but the new sale price will likely influence future assessment increases.
What is the neighbourhood like?
Chalmers is an established, central neighbourhood. The provided comparable sales on the same street and nearby indicate a mix of similar modest, older homes. Buyers should visit at different times to gauge traffic, noise, and overall community feel firsthand.