Property Overview
This 625 sqft condo at 7-722 Maryland Street is a compact, historically grounded property in Winnipeg's Daniel McIntyre neighbourhood. Built in 1914, it presents a specific value proposition. Its appeal lies in its extremely low carrying costs, as evidenced by an assessed value of $6,300—placing it among the most affordable properties citywide. Recent sale prices (around $7,400 in 2024) confirm this accessible entry point. The unit is notably smaller than the Winnipeg average, making it a true minimalist living space or a functional pied-à-terre.
It would best suit a very budget-conscious first-time buyer, an investor looking for a low-cost rental unit, or someone seeking a simple, no-frills home with minimal property tax liability. It’s less suited for those needing space or modern builds, as its age and size require a pragmatic perspective. A thoughtful point for the right buyer is the character of the early-1900s building and the potential for a manageable, low-overhead lifestyle in a central location.
Frequently Asked Questions
1. What does the assessed value tell me about ongoing costs?
The exceptionally low assessed value of $6,300 indicates that municipal property taxes will be minimal. This is a key financial advantage, making the total cost of ownership very predictable and low.
2. How does the living space compare practically?
At 625 sqft, the condo is significantly smaller than the citywide average (~1,042 sqft). This necessitates efficient use of space and likely means a compact layout with fewer rooms, suited for a single person or couple.
3. The building is from 1914. What should I consider?
While the building is well-maintained within its peer group in Daniel McIntyre, its age means potential for older building components. A thorough inspection is essential to understand the condition of shared building infrastructure (roof, plumbing, foundation) and any related condo fees or special assessments.
4. Why are the sale prices so close to the assessed value?
The sale prices aligning closely with the low assessed value reflects the market's valuation of this specific type of property: a very small, older condo. It suggests a stable, non-speculative price point based on its utility and costs rather than rapid appreciation.
5. What's the context of the "top percentile" rankings?
Rankings like "Top 94%" for size mean the unit is smaller than 94% of city homes. Conversely, a "Top 100%" for low assessed value means it's more affordable than virtually all city properties. These stats highlight its position as a niche, cost-focused option rather than a standard comparison.