Property Overview: 3-2 Carriere Avenue, Winnipeg
Key Characteristics & Appeal
This is a compact, 410-square-foot condo unit in Winnipeg's Glenwood neighborhood, built in 1960. Its defining characteristic is its exceptionally low cost, with an assessed value of just $11,100, placing it among the most affordable properties citywide. The appeal lies squarely in its function as a minimal-overhead housing solution. It suits a very specific buyer: investors seeking a low-entry-cost rental property, or extremely budget-conscious individuals looking for a no-frills place of their own. It is not a property for those needing space or modern finishes.
A less obvious perspective is its potential as a "foot-in-the-door" asset in the real estate market. For someone with limited capital, it represents a rare opportunity to own a titled property and begin building equity, however modestly. Additionally, its status as one of the oldest units on its street could imply a simpler building structure or a more established strata, though this comes with the expectation of aging components.
Frequently Asked Questions
1. Why is the assessed value so low?
The assessed value reflects the property's very small size (410 sq ft) and its position as a basic, older condo unit. It is consistently ranked at the bottom of its peer groups for both value and living area.
2. What type of monthly condo fees or taxes should I expect?
While specific fees are not listed here, given the very low assessed value, municipal property taxes would be minimal. Prospective buyers must obtain the current condo fee structure from the listing agent or corporation, as these fees are critical for understanding the true monthly carrying cost.
3. Is this a good investment property?
Its low purchase price could make for a positive cash flow rental if condo fees are manageable. However, investors must carefully factor in all costs and consider the potential tenant pool, which would likely be single occupants due to the unit's size.
4. How does the recent sale history affect the price?
The data shows it sold between $8.5k and $11.5k in early 2024 and previously in 2016, indicating a stable, ultra-low-value market for this specific unit. This history supports the current assessed value as a market reflection.
5. What should I be most cautious about?
The primary considerations are the condition of a 66-year-old unit (including plumbing, electrical, and windows) and the financial health of the condo corporation. A review of the condo's reserve fund study and recent minutes is essential to uncover any pending special assessments or major repairs.