487 Dufferin Avenue

Property Overview: 487 Dufferin Avenue, Winnipeg

Key Characteristics & Appeal

This one-and-three-quarter storey home, built in 1906, presents a classic Winnipeg character property with practical potential. Its key characteristics are defined by solid, unrenovated fundamentals. The 1,152 sqft living space is comfortably above average for its immediate street and neighborhood, offering more room than many comparable local homes. A notable feature is the home's strong assessed value relative to its area, ranking in the top 28% on Dufferin Avenue, suggesting it is viewed as a substantial asset within its specific community context.

The appeal lies in its authenticity and location. This is a home for a buyer who sees value in a genuine, untouched canvas within an established neighborhood, rather than a move-in-ready modern space. The lot size, while below the street average, is typical for the central area and is manageable. A thoughtful perspective is that the home’s age and unrenovated state, while requiring investment, also mean it hasn't been subject to potentially low-quality or taste-specific renovations; the next owner can shape it with a clean slate. It would suit a hands-on buyer, perhaps a first-time homeowner with renovation ambitions, an investor looking for a character rental, or someone seeking a grounded, affordable entry into a mature neighborhood without paying a premium for recent cosmetic updates.

Frequently Asked Questions

1. What does "unrenovated" typically mean for a home of this age?
It generally indicates that the home retains its original or older materials and systems. Buyers should budget for updates to essentials like wiring, plumbing, and insulation, while also seeing the opportunity to customize the layout and finishes to their own taste.

2. The assessed value seems low city-wide but high for the area. Why?
The city-wide average assessed value is skewed by newer, larger homes in suburban developments. This home’s assessment is actually strong compared to its direct peers on Dufferin Avenue and in the Dufferin area, reflecting its relative size and value within this established, central neighborhood’s market.

3. Is the basement finished?
The listing specifies the basement exists but is "not renovated," which typically means it is unfinished or in a utility state. It offers space for storage, laundry, and potential future development.

4. What are the implications of the home being over 120 years old?
It comes with character and likely sturdy construction, but also requires a diligent inspection. Key focuses should be the foundation, roof, and original mechanical systems. Its age also means it may qualify for certain heritage-related grants or incentives for sympathetic restoration, though it is not listed as a designated heritage property.

5. The home sold for the same price in 2017 and 2022. What does that indicate?
This price stability over five years, including through a period of significant market fluctuation, suggests a well-established and consistent value for this specific property type in its location. It points to a market segment less prone to speculative bubbles, which can be appealing for buyers seeking a stable, long-term investment.