Property Summary: 857 Lipton Street, Winnipeg
Section 1: Key Characteristics & Appeal
This is a compact, one-storey home built in 1926, situated on a standard city lot in the Daniel McIntyre neighbourhood. Its key characteristic is its exceptionally low financial barrier to entry, with an assessed value significantly below city and area averages. The living space is modest at 651 sq ft, and the basement is unrenovated. There is no garage or pool.
The primary appeal lies in its affordability and potential. It represents a rare entry point into homeownership, suited for a very specific buyer: an investor looking for a straightforward rental property, a hands-on individual seeking a minimal footprint with renovation plans, or someone prioritizing land ownership in a central location over immediate living space. A less obvious perspective is that its older construction date (1926) ranks above average for its immediate area, suggesting it may be among the more structurally mature homes on the block, which can appeal to those who value classic building styles over newer, potentially less character-filled constructions.
Section 2: Frequently Asked Questions
1. Is this a "tear-down" property?
Given the very low assessed value and modest size of the existing structure, some buyers may consider the land value alone. However, its above-average age for the street suggests it has enduring utility, making it equally viable for a careful renovation.
2. What does the "below average" ranking for living area mean practically?
At 651 sq ft, the home is less than half the size of the average Winnipeg house. This indicates a lifestyle of efficient living, with likely one bedroom, and necessitates creative use of space or plans for an addition.
3. Why is the assessed value so much lower than nearby similar-sized homes?
The assessed value reflects the property's current state and market position. The significant difference from some neighbours (e.g., 786 Lipton St. assessed at $270k) strongly suggests this home requires modernization and may have deferred maintenance, which is factored into its valuation.
4. Who is this property not suited for?
It is not suited for buyers seeking a move-in-ready home, those needing multiple bedrooms, or anyone unable to budget for immediate repairs or future renovation projects. The lack of a garage may also be a drawback for vehicle owners.
5. Has the property value increased?
Yes. The home sold for $19.2k in 2020 and $23.4k in 2024. This indicates a growing recognition of its underlying value or potential, though it remains in an ultra-affordable price tier.