518 Toronto Street

Property Summary: 518 Toronto Street, Winnipeg

Key Characteristics & Appeal

This is a substantial, historic two-storey home built in 1903, distinguished by its exceptionally large lot and living space. At nearly 2,500 sqft of living area and on a 6,963 sqft parcel, the property ranks in the top 1% for size both on its street and in the Daniel McIntyre neighbourhood. This creates rare potential for expansion, gardening, or outdoor living within the city core. The home includes both attached and detached garage options. Its assessed value is notably modest relative to its physical scale, suggesting a value proposition centred on land and footprint rather than finished condition, as the basement is noted as unrenovated.

The primary appeal lies in its rarity as a large-scale canvas in an established area. It suits a specific buyer: those seeking a heritage-character home with unparalleled space for customization, or an investor/developer who recognizes the long-term value of a large lot in a mature neighbourhood. It’s a project-oriented property, ideal for someone prepared to modernize the interior while appreciating the enduring asset of its generous dimensions and historic roots.

Frequently Asked Questions

1. Why is the assessed value so much lower than the sale price from 2022?
The 2022 sale price of $42.4k likely reflects a specific transaction circumstance, possibly between related parties. The current assessed value of $36.1k is more aligned with municipal valuation for tax purposes, which can differ significantly from market value, especially for unique properties.

2. What does the "basement not renovated" condition imply?
It indicates the basement is in original or utilitarian condition, lacking modern finishes. Buyers should budget for potential updates to plumbing, electrical, or insulation, and anticipate a home inspection to clarify the scope needed to make it a comfortable living or storage space.

3. How does the age of the home (1903) affect ownership?
While offering classic character, a 123-year-old home requires proactive maintenance. Prospective owners should prioritize inspections for the foundation, roof, wiring, and plumbing. Heritage charm comes with the responsibility of updating older systems for modern efficiency and safety.

4. The lot is huge. What are my options?
The vast lot is the property's standout feature. Options could include creating extensive private gardens, adding a sizable deck or patio, constructing ancillary buildings (subject to zoning), or simply enjoying expansive green space. It also represents significant future redevelopment potential.

5. The home ranks "below average" for year built but "elite" for size. What does this mean?
This contrast is the property's defining story. You are purchasing one of the largest homes and lots in the area, but the structure itself is among the oldest. The value is in the land and the spacious envelope, with the understanding that the vintage home within it will require thoughtful investment to meet contemporary standards.