Property Overview
This 680 sqft, one-storey home on Harbison Avenue W in Winnipeg's Chalmers neighbourhood presents a straightforward, entry-level opportunity. Built in 1914, it sits on a 2,266 sqft lot and features a renovated basement. Its key appeal lies in its position as one of the most accessible price points in the city, evidenced by its very low assessed value ($16,300) and a sale price of $120,000 in late 2020. The home is notably compact, with living space significantly below area averages, which translates to minimal upkeep and utility costs. Its recent sale price ranks in the top 98% city-wide for affordability.
This property would suit a highly budget-conscious first-time buyer, an investor looking for a low-cost rental property, or someone seeking a minimalist footprint. It’s a practical choice for those who prioritize low carrying costs over space, viewing the home more as a financial stepping stone or a functional shelter rather than a long-term family dwelling. The renovated basement adds valuable functional space, which is a critical upgrade in a home of this size.
Key Questions & Considerations
1. Why is the assessed value so much lower than the sale price?
This is common. The assessed value is for municipal tax purposes and often lags behind market value. The sale price reflects what a buyer was willing to pay in the open market, which can be influenced by factors like the renovated basement, specific demand for affordable listings, and market conditions at the time.
2. What does "below average" for size mean for daily living?
At 680 sqft, the living area is about 250-300 sqft smaller than the typical home in Chalmers. This necessitates efficient use of space and minimal possessions. The renovated basement is therefore not just an extra but likely essential for storage, laundry, or as a flexible living area.
3. Given its age (1914), what should be the main inspection focus?
While the systems (roof, wiring, plumbing) may have been updated over time, an inspection should pay particular attention to the foundation and structure due to the home's age, as well as the quality and permits for the basement renovation to ensure it was done properly.
4. How does the lot size impact the property?
The lot is smaller than most in the area (ranked in the bottom 20% locally). This means very low maintenance outdoors but also limited potential for expansions or additions without variances. It offers a compact, manageable yard.
5. Is the 2020 sale price a reliable indicator of current value?
It serves as a strong recent benchmark, but the market has likely changed since late 2020. To understand its current value, you would need to compare it to similar, very recent sales of homes in the same size and condition range, which can be scarce.