Property Overview & Key Characteristics
This one-storey home in Elm Park is a compact, century-old property built in 1925, offering 820 sqft of living space on a 5,147 sqft lot. Its key appeal lies in its position as an accessible entry point into a well-established neighbourhood. With a notably low assessed value compared to both the immediate street and the wider city, it presents a clear opportunity for budget-conscious buyers. The basement exists but is unrenovated, and the property has no garage or pool.
This home would best suit a first-time buyer, an investor, or a downsizer seeking a lower-cost footprint in a mature area. Its smaller size and vintage require a buyer comfortable with a project, whether that’s updating the existing space or creatively maximizing its potential. A thoughtful perspective is that while the home ranks below average in size and value on its own street, this can translate to a more manageable property tax burden and a chance to add value through thoughtful updates. The lot size, while not oversized for the area, is still generous relative to the home's footprint, offering valuable outdoor space.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city-wide average?
The assessed value is based on the property's specific characteristics—its smaller size, age, and unrenovated condition—relative to the broader market. It reflects its current state rather than potential market sale price.
2. What does "below average" for living area in the neighbourhood mean practically?
It means this is one of the smaller homes in Elm Park. This results in less interior space to maintain and heat, which can be an advantage for some, but also requires efficient use of the available square footage.
3. Is the unrenovated basement finished or usable?
The listing specifies it is "not renovated," which typically means it is in a rough, unfinished state (concrete floors, exposed framing/mechanicals). It offers storage and potential but would require investment to become living space.
4. How does the recent sale price compare to the assessed value?
The home sold for $28,500 in September 2023, which was close to its assessed value of $24,500 at that time. This indicates the assessment was aligned with its market value at sale.
5. What are the implications of a home built in 1925?
You gain the charm and solid construction of a century-old home but should budget for and inspect age-related systems. This includes the roof, plumbing, wiring, and insulation, which may need updating or have already been partially addressed over the years.