Property Summary: 764 Toronto Street, Winnipeg
Key Characteristics & Appeal
This is a compact, early-20th century home (built 1905) in the Daniel McIntyre neighbourhood, presenting a distinct value proposition. Its key characteristic is its exceptionally low municipal assessed value, which is in the bottom percentile compared to its street, area, and the entire city. The living space (840 sqft) is modest and below average for the area, situated on a standard city lot. The home features a renovated basement and a detached garage.
Its primary appeal lies in its potential as an entry point into the Winnipeg market or as a strategic investment property. It suits buyers with a clear vision for renovation or addition, those comfortable with a smaller footprint, or investors looking for a low-cost holding in a central location. A less obvious perspective is its appeal to buyers seeking minimal property tax overhead, as the low assessment translates to lower annual taxes. It’s a property where the value is in the land, location, and structure's potential, not in its current finished state or size relative to modern standards.
Frequently Asked Questions
1. Why is the assessed value so low compared to the last sale price?
Municipal assessments are for taxation purposes and often lag behind market sale prices, which are influenced by current demand, condition, and renovations not yet reflected in the assessment.
2. What does "below average" for living area mean for daily living?
With 840 sqft, the home offers compact living. It likely suits individuals, couples, or small families comfortable with efficient use of space, or those planning a strategic addition to increase square footage.
3. Is the renovated basement a legal suite?
The listing states the basement is renovated but does not specify it as a legal secondary suite. This would be a critical point to verify with the seller and the city for rental or income potential.
4. Given the age of the home, what should I be mindful of?
A home built in 1905 may have outdated electrical, plumbing, or insulation. While the basement is renovated, a thorough inspection focusing on the main structure, foundation, and major systems is essential.
5. How does the low assessment affect property taxes?
A lower assessed value typically results in lower municipal property taxes, which can be a significant ongoing savings, though the exact amount depends on the annual mill rate set by the city.