Property Overview
This one-storey home at 678 Warsaw Avenue in Winnipeg's Earl Grey neighbourhood is a compact, century-old property with a clear value proposition. Its key appeal lies in its position as one of the most affordable entry points into a well-established area. With a modest 667 sqft living space and an unrenovated basement, it is not a move-in-ready or spacious family home. Instead, its primary characteristic is its low assessed value, which ranks below average for the street, neighbourhood, and city. The lot, while below average in size for the street, is fairly typical for Earl Grey.
This property would suit a specific type of buyer: a hands-on first-time purchaser, an investor, or a downsizer with a limited budget who prioritizes location over size and condition. Its appeal is grounded in opportunity—the chance to secure a lot in a central neighbourhood with the intent to renovate, expand, or hold as a long-term investment. A thoughtful perspective is that its consistently low sale prices in recent years, despite market fluctuations, indicate its standing as a "project property," where the land value is the stable asset and the home itself is considered a variable for change.
Frequently Asked Questions
1. Why is the assessed value so much lower than recent sale prices?
The assessed value is for municipal tax purposes and often lags behind the current market. The sale prices from 2021 and 2022 are a more accurate reflection of its recent market value.
2. Is the house in livable condition?
The listing notes the basement is "not renovated," which suggests the home requires updates. A full inspection would be essential to determine immediate livability and the scope of work needed.
3. What are the possibilities for expanding such a small house?
With a lot size of 2,658 sqft, there is potential to expand the existing footprint or add a second storey, subject to local zoning and building bylaws. Its current size makes it a candidate for a significant renovation or rebuild.
4. How does this price compare to other homes on the street?
The data shows this home ranks in the bottom 6% on Warsaw Avenue for both living area and assessed value. It is priced significantly below the street average, reflecting its smaller size and condition.
5. Is this a good investment property?
Given its low entry cost for the area, it could be a strategic hold for land value appreciation. As a rental, its appeal would be limited to the very budget-conscious unless renovations are undertaken to increase its value and rental potential.