566 Toronto Street

Property Overview

566 Toronto Street is a compact, one-and-three-quarter storey home built in 1895, offering a unique proposition in Winnipeg’s Daniel McIntyre neighbourhood. Its key appeal lies in its position as an accessible entry point into the market, featuring a renovated basement and a detached garage. The home’s living space (904 sq ft) is modest, placing it below the average for the area, but it sits on a standard city lot (2,321 sq ft). The property’s very low assessed value is its most defining characteristic, indicating it is a fundamental fixer-upper or investment opportunity rather than a move-in-ready home. It would suit a specific buyer: an investor looking for a rental property after renovation, a hands-on homeowner eager for a full-scale project, or a buyer with a very constrained budget prioritizing land and location over condition. Its age and value metrics suggest the need for significant updates or a complete rebuild, appealing to those who see potential where others see only cost.

Frequently Asked Questions

1. What does the very low assessed value indicate?
It primarily reflects the property’s age, modest size, and likely condition relative to modern standards. It signals that major updates or a full renovation are probable, which is factored into the official valuation.

2. Is this a good option for a first-time buyer?
It could be, but with a major caveat. It offers affordability and a chance to build equity through renovation. However, it is best suited for a first-time buyer who is financially prepared for significant repair costs and project management, not just a mortgage payment.

3. What are the less obvious considerations with a home this old?
While charm is a factor, practical considerations include the potential for outdated wiring, plumbing, and insulation, which can be costly to modernize. The architectural style (one-and-three-quarter storey) often means unique, sometimes smaller, room layouts on the upper floor.

4. How does the recent sale price compare to the assessed value?
The property sold for $14,700 in October 2024, which is close to its assessed value of $13,300. This alignment confirms its status as a land-value or project property, not a conventionally marketed home.

5. What is the potential here for an investor?
The potential is in the land location and the existing rental unit (the renovated basement). An investor could renovate the main house while earning rental income from the basement, or consider a long-term strategy of redevelopment on the lot, given the central location.