Property Overview & Key Characteristics
This one-storey home at 36 Silvia Street in Winnipeg's Glenelm neighbourhood is a compact, no-frills property with a clear value proposition. Its key characteristic is its modest scale, with a living area of 700 sqft that places it among the smaller homes on its street, in the area, and city-wide. Built in 1942, it sits on a roughly 4,000 sqft lot. The home's standout feature is its exceptionally low municipal assessed value of $19,500, which is the lowest on Silvia Street and well below averages for the area and city.
Its appeal lies squarely in its potential as an affordable entry point. It represents a very low barrier to entry for homeownership or investment in a mature, established neighbourhood. The lot size is actually above average for Glenelm, suggesting the land itself may be a key asset. This property would suit a specific type of buyer: a hands-on investor looking for a rental or redevelopment project, or a very budget-conscious first-time buyer willing to take on a home that likely requires significant updates or repairs. It is not suited for someone seeking move-in-ready condition or ample living space.
Frequently Asked Questions
1. Why is the assessed value so much lower than other homes?
Municipal assessments are based on factors like size, condition, and comparable sales. This home's very small size (700 sqft) and probable need for modernization result in a low assessed value, which translates to lower property taxes.
2. What does the sales history tell us?
The home last sold in early 2020 for an estimated $13.5k–$16.5k, close to its current assessed value. This indicates the property has been consistently valued at this entry-level price point for years.
3. Is this a "tear-down" property?
While the existing structure is small and dated, whether it's a candidate for demolition depends on its condition, local bylaws, and the buyer's plans. The lot size is a positive factor for potential redevelopment, but the decision would require a professional inspection and due diligence.
4. Who would be the ideal buyer for this home?
The ideal buyer is likely an investor or a purchaser with renovation skills and a tight budget. It's a strategic purchase for land value or as a long-term hold, not for someone needing immediate, comfortable housing.
5. How does it compare to the nearby reference properties?
The listed references at 43 Silvia St. and 42 Hart Ave. are both larger in living area and have higher assessed values, confirming that 36 Silvia is uniquely compact and valued within the neighbourhood. This underscores its role as the area's most affordable option.