253 Albany Street

Property Summary: 253 Albany Street, Winnipeg

Key Characteristics & Appeal

This is a compact, one-and-a-half storey home built in 1918, located on a standard city lot in the Deer Lodge neighbourhood. With 891 square feet of living space, it is a notably smaller home, ranking below average in size for both the area and the wider city. Its assessed value is modest, positioning it as an accessible entry point into the market. The basement exists but is noted as not renovated, and the property has no garage or pool.

The primary appeal lies in its value and potential. It suits first-time buyers, downsizers, or practical investors looking for a lower-cost footprint in a well-established neighbourhood. Its smaller size means lower utility costs and less maintenance, which can be a hidden benefit. A thoughtful perspective is that while the home is modest relative to its surroundings, it offers a rare opportunity to own a character home from the early 20th century without the premium often attached to such properties. The lot, while smaller than many in Deer Lodge, still provides essential outdoor space. The last known sale was in May 2022 for $260,000.

Frequently Asked Questions

1. What is the true size and layout like?
The home is 891 sq ft, which is compact. As a one-and-a-half storey, the layout likely includes main-floor living areas and bedrooms on the upper half-storey, which may have sloped ceilings. It’s important to view in person to assess the flow and room sizes for your needs.

2. What does “basement, not renovated” imply?
This indicates the basement is unfinished or in a rough state. It provides storage and mechanical space but would require significant investment to convert into livable or recreational space. Budget for any necessary moisture-proofing or updates to foundational systems.

3. How does the 2022 sale price relate to today’s value?
The $260,000 sale price from May 2022 is a historical data point. Current market conditions, interest rates, and any changes made to the property since then will determine its present value. This figure is a useful benchmark but not a guaranteed listing price.

4. Is the lack of a garage a major drawback?
For many buyers, yes, especially in Winnipeg winters. However, the property may allow for the addition of a shed or a future garage, subject to local bylaws. On-street parking is likely the immediate solution.

5. Why is the assessed value so much lower than the past sale price?
Municipal assessed value for taxation purposes is not the same as market value. It is often calculated using mass appraisal techniques and can lag behind rapid market shifts. The sale price is typically a better indicator of what buyers were willing to pay at that time.