654 Wellington Avenue

Property Overview: 654 Wellington Avenue

Section 1: Key Characteristics & Appeal

This one-and-three-quarter storey home, built in 1905, is a classic character property in Winnipeg's Daniel McIntyre neighbourhood. With 1,134 sqft of living space and a renovated basement, it offers a functional layout on a modest 2,653 sqft lot. Its appeal is rooted in value and potential within a central, established community.

The home’s standout feature is its exceptionally low municipal assessed value ($17,100), which places it in the top 3% lowest assessments on its street and top 5% citywide. This suggests a very low annual property tax burden, a significant and often overlooked financial advantage. It last sold in October 2022 for $170,000, indicating it’s likely an entry-level or investment-grade property.

This property would suit a first-time buyer comfortable with a historic home, an investor looking for a rental with favourable holding costs, or a hands-on individual seeking an affordable project in a central location. Its below-average size for the street means it’s a more manageable property, not a sprawling renovation. The appeal here is practical: getting into the market with character and low fixed costs, not luxury finishes or ample square footage.

Section 2: Frequently Asked Questions

1. What does the very low assessed value mean for me?
It translates directly to lower annual property taxes compared to most homes, which improves long-term affordability. It's important to note that assessed value is for taxation purposes and is not a market appraisal.

2. Is the house small compared to others in the area?
Yes. At 1,134 sqft, it's significantly smaller than the average home on Wellington Avenue (approx. 2,574 sqft) but is very close to the average for the broader Daniel McIntyre neighbourhood (approx. 1,142 sqft).

3. The home is over 120 years old. What should I consider?
While it offers classic charm, a pre-purchase inspection is essential. Focus on the fundamentals: foundation, wiring, plumbing, and roof. The listing notes a renovated basement, which is a positive update.

4. Who might this property not be suitable for?
Buyers needing ample indoor space, a private yard, off-street parking, or a modern, turn-key home without projects may find it limiting. The lot is smaller than most in the city.

5. How does the 2022 sale price relate to the current market?
The $170,000 sale price from late 2022 provides a recent benchmark. Current market value will depend on condition updates since then, comparable recent sales, and prevailing market trends. It serves as a strong reference point for an offer.