Property Overview
This bi-level home at 502 Ottawa Avenue in Winnipeg's Chalmers neighbourhood presents a compelling mix of modern convenience and practical living. Built in 2011, it stands out as a significantly newer construction compared to most homes on its street and in the wider area. The property sits on a 3,501 sqft lot, which is spacious for the locale, and features a renovated basement. With 893 sqft of living space and no garage, it is a compact, low-maintenance home. It last sold in September 2021 for $300k, a price that was well above average for the immediate area, indicating strong desirability for this specific type of updated, newer home in a mature neighbourhood.
Key Characteristics & Appeal
The primary appeal of this property lies in its modern age within an established community. While the living space is modest, the 2011 build date means buyers are likely inheriting newer major systems (like roof, windows, HVAC), which can offer peace of mind and reduced immediate repair costs compared to the neighbourhood's predominantly century-old housing stock. The renovated basement adds functional living space. The lot size is a key asset, providing above-average outdoor space for gardening, play, or entertaining relative to nearby homes.
This home would suit first-time buyers or downsizers seeking a "move-in ready" property without the upkeep of a historic home, but who still want a neighbourhood with mature trees and character. It’s also a practical option for investors looking for a modernized rental in a stable area. A less obvious perspective is its value proposition: while its sale price was high for the street, the modern build and renovation may translate to lower ongoing maintenance expenses, potentially balancing the initial investment over time.
Frequently Asked Questions
1. What does the "renovated basement" include?
The listing confirms the basement is renovated but does not specify the finishes or layout. A viewing is essential to determine if it’s a finished recreational space, contains additional bedrooms, or includes updated mechanicals.
2. Is there parking available without a garage?
The listing shows no garage. Buyers should investigate the driveway situation (if any) and on-street parking permits or restrictions directly with the city or during a visit.
3. Why did it sell for well above the street average in 2021?
The significantly newer construction date (2011 vs. an area average from the 1930s) and the renovated basement likely commanded a premium, as they are rare features in this specific location, appealing to buyers wanting modern comforts in an older neighbourhood.
4. How does the assessed value relate to the likely market price?
The municipal assessed value ($28.20k) is for taxation purposes and is not an indicator of market value. The 2021 sale price of $300k is a far more relevant benchmark for current market conditions.
5. What are the annual property taxes?
Taxes are not listed but can be estimated by applying the City of Winnipeg's current mill rate to the assessed value. Prospective buyers should confirm this calculation for an accurate annual cost.