Property Overview: 75 Parr Street, Winnipeg
Section 1: Key Characteristics & Appeal
This is a compact, century-old home (built 1905) in Winnipeg's Dufferin neighbourhood, presenting a very specific value proposition. Its key characteristic is its exceptionally low municipal assessed value, which is among the lowest in the city. The home offers 888 sqft of living space, which is modest but typical for older homes on its street, and sits on a smaller urban lot.
The appeal lies primarily in its potential as an entry point into homeownership with minimal property tax burden, or as a strategic investment property. It suits a very hands-on buyer—likely an investor, renovator, or someone seeking a minimal-cost base. This is not a move-in-ready property; the basement is noted as unrenovated, there is no garage, and its sale history suggests it may require significant updates or be suited for non-traditional uses. A thoughtful perspective is that this property represents "land value" with a structure, potentially appealing for its redevelopment potential in the long term or as a low-overhead rental. It's for a buyer whose priority is financial efficiency and who views the physical condition as a project or a secondary concern.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than typical city homes?
Municipal assessments are based on market value and property characteristics. This home's very low assessment reflects its age, modest size, condition, and smaller lot relative to city-wide averages, resulting in significantly lower property taxes.
2. What does "One & 3/4 Storey" mean for the building type?
This is a common architectural style for older Winnipeg homes. It typically features a full main floor and a second floor where the roofline slopes inward, making some upper rooms have slanted ceilings or slightly reduced square footage compared to a full two-storey home.
3. Who would this property be most suitable for?
It is best suited for investors, renovators looking for a project, or buyers seeking the absolute lowest possible property tax and acquisition cost. It is likely not ideal for a first-time buyer seeking a modern, low-maintenance home.
4. How does the living space compare to the neighbourhood?
At 888 sqft, the living area is slightly below the average for the immediate street (991 sqft avg.) and Dufferin area (1,112 sqft avg.), but it is a common size for the historic housing stock in this locale.
5. The sale price history shows a large jump from $7.5k in 2017 to $100k in 2021. What does this indicate?
Such a significant price increase over a short period typically indicates a major change, such as a substantive renovation, a change in the property's legal use (e.g., becoming a rental property), or a market correction from a previous non-arms-length sale. Reviewing detailed sale records or listings from those periods would be essential for context.