Property Overview: 63 Mcmasters Road, Fort Richmond, Winnipeg
Key Characteristics & Appeal
This two-storey home in Fort Richmond is defined by its generous, mature lot and a history of significant value growth. Sitting on a 10,087 sqft parcel, the property ranks in the top 6% for lot size on its street and within Winnipeg, offering a rare level of outdoor space for the area. The home itself, built in 1965, features 1,536 sqft of living space and a renovated basement. Its appeal lies in this combination of a substantial, established yard with updated living areas. The sale history shows a notable increase from $390k in 2016 to $500k in late 2024, indicating strong market confidence and investment potential.
This property would suit buyers looking for a long-term family home where the land itself is a primary asset, or for those who value space for gardens, recreation, or future expansion over a brand-new build. It’s also a compelling option for value-conscious buyers comparing newer homes on smaller lots, as it offers more privacy and room to breathe. A less obvious perspective is that the home’s age and solid performance in assessed value rankings suggest it's in a stable, desirable part of Fort Richmond, likely attracting neighbours who have invested in their properties over time.
Frequently Asked Questions
1. How does the assessed value compare to the recent sale price?
The home was assessed at $45,800 but sold for $500,000 in December 2024. This large difference is common and reflects that assessed value is used for municipal tax purposes, while the sale price is determined by the current market.
2. What does the "renovated basement" include?
The listing confirms the basement is renovated but does not specify the finishes or layout. This is a key detail to clarify with the listing agent to understand if it’s a finished living space, a recreational room, or includes additional bedrooms.
3. Is the large lot a benefit for property taxes?
While a larger lot can increase assessed value and therefore taxes, this property’s assessed value remains relatively moderate compared to its sale price. The tax bill would be based on the $45,800 assessment, not the sale price.
4. The home is older—what should I consider?
Built in 1965, the major systems (roof, wiring, plumbing, HVAC) may be original or have been updated at various times. A thorough home inspection is essential to understand the condition and anticipate any upcoming maintenance or modernization costs.
5. How does this property rank for its size in the neighbourhood?
With 1,536 sqft, it offers above-average living space for Fort Richmond, ranking in the top 25% within the neighbourhood. This means it provides more interior room than many comparable homes in the area.