Property Overview: 699 Toronto Street, Winnipeg
Key Characteristics & Appeal
This one-and-a-half storey home, built in 1902, presents a classic character home opportunity in the Daniel McIntyre neighbourhood. Its primary appeal lies in a notable value proposition: it offers significantly more living space (1,542 sq ft) than most comparable homes on its street, in the area, and across Winnipeg, ranking in the top 11-12% locally. This spacious interior is paired with a very low municipal assessed value of $140,000, which is well below city and area averages. The property features a full, unrenovated basement and sits on a standard city lot.
The home is best suited for value-driven buyers willing to take on a project. This includes hands-on renovators looking for a spacious canvas to restore and customize, or investors seeking a property with substantial square footage at a lower entry point. Its older vintage and below-average assessment for the area suggest it requires modernization, but the generous interior dimensions offer potential not always found in its price range. A less obvious perspective is that its low assessment, while reflecting current condition, could provide a relative tax advantage compared to similarly sized but updated homes, preserving cash flow for improvements.
Frequently Asked Questions
1. What does "below average assessed value" practically mean?
It means the city's tax assessment for this property is lower than most homes around it. While this often indicates a need for updates, it can result in lower property taxes compared to a fully renovated home of the same size, which is a factor in ongoing ownership costs.
2. The home is noted as having above-average living space. Where is that space likely located?
As a one-and-a-half storey design, the significant square footage typically comes from a generous main floor layout and a sizable second level under sloping roofs, which may include additional bedrooms or flexible attic space.
3. The basement is listed as "not renovated." What should I expect?
This indicates the basement is in original or utilitarian condition. It is likely a full-height, unfinished space with concrete floors and walls, containing the home's mechanical systems. It offers potential for future development but requires investment.
4. How does the 1902 build year affect ownership?
Homes of this age possess character but require diligent inspection for era-specific updates. Key focuses should be the foundation, wiring, plumbing, insulation, and windows. Modernizing these systems is often the priority before cosmetic renovations.
5. Are the recent nearby sale prices (from 2021) relevant today?
The listed sales from 2021 (ranging from ~$14k to $22k) are historical benchmarks and reflect a different market. They are useful for understanding neighbourhood comparables but should not be used to estimate the current market value of this property, which will be influenced by present-day conditions and this home's specific characteristics.