Property Overview: 461 Washington Avenue, Winnipeg
Key Characteristics & Appeal
This one-and-a-half storey home in Chalmers presents a straightforward opportunity, particularly for a first-time buyer or an investor. Built in 1921, its 1,042 sqft living area is notably above average for its immediate street and neighbourhood, offering more interior space than many comparable local homes. The property sits on a 3,001 sqft lot, which is typical for the area. A key point of appeal is its very low municipal assessed value ($19,900), which results in proportionally lower property taxes—a significant long-term savings. The home has an unfinished basement and no garage, indicating it is a hands-on opportunity. It last sold in August 2023 for $250,000.
Its primary appeal lies in its value proposition within the local context: you get more house for the dollar in terms of living space compared to neighbours, coupled with low ongoing tax costs. It would best suit a pragmatic buyer who sees potential in a classic Winnipeg layout and is prepared for updates. A less obvious perspective is that its "around average" metrics on the street suggest it’s a stable, typical property for the block, not an outlier, which can be reassuring. It’s not a move-in-ready showhome, but a solid baseline in a mature neighbourhood.
Frequently Asked Questions
1. Why is the assessed value so much lower than the recent sale price?
Municipal assessments in Manitoba are primarily for tax purposes and often lag behind current market values, which are determined by recent sales, condition, and buyer demand. The sale price reflects what a buyer was willing to pay in the open market.
2. What does "one-and-a-half storey" mean for this home?
Typically, this style features a main floor with principal rooms and a second floor under sloping roof lines, often creating cozy bedrooms with reduced ceiling height in some areas. It's a classic Winnipeg design that maximizes space efficiently.
3. Are the low property taxes guaranteed?
While the current assessed value is low, taxes are not permanently fixed. A future reassessment by the city, often triggered by a significant renovation or a city-wide review, could increase the assessed value and subsequent taxes.
4. How does the living area compare to newer homes?
While above average for its immediate area, the home’s square footage is below the current city-wide average for houses. This highlights the neighbourhood's character of older, more compact homes compared to newer suburban developments.
5. What are the implications of an unfinished basement?
It offers flexible storage or future development potential (subject to permits and code), but also means any necessary updates to foundational systems like plumbing, wiring, or insulation are likely not yet done. It represents both an opportunity and a potential project.