Property Overview: 608 Cathedral Avenue, Winnipeg
Key Characteristics & Appeal
This is a compact, one-storey home built in 1914, situated on a standard city lot in the Inkster-Faraday neighbourhood. Its key characteristic is its exceptionally accessible price point, reflected in its low assessed value and recent sale price. With 600 sqft of living space and an unfinished basement, it is notably smaller than most homes in Winnipeg, positioning it as a true entry-level property or a minimal-footprint opportunity.
The primary appeal lies in its affordability and potential. It represents a rare chance for cost-conscious entry into the Winnipeg market, with property taxes that would be among the lowest in the city. It would suit a specific type of buyer: a first-time purchaser comfortable with a renovation project, an investor looking for a straightforward rental property with low carrying costs, or someone seeking an affordable, downsized living option. A less obvious perspective is its appeal to those interested in a "right-sized," low-consumption lifestyle, where the small footprint translates to minimal utility costs and maintenance. The home’s age and condition mean its value is almost entirely in the land and structure, offering a blank canvas for incremental improvement.
Frequently Asked Questions
1. What is the actual selling price?
The home sold in July 2024 for an estimated $10.5k to $13.5k. The exact sale price is available upon request from the listing service.
2. What does the "Top 98%" ranking for Living Area mean?
It means this home's interior size (600 sqft) is smaller than approximately 98% of comparable properties in its immediate area, confirming it as a notably compact dwelling.
3. Is the basement usable?
The listing specifies the basement exists but is "not renovated." It is unfinished, meaning it has raw space that could be developed but requires significant work.
4. Why is the assessed value so much lower than the city-wide average?
The assessed value of approximately $13.4k is based on the property's current state, size, and market factors. It is dramatically below the city average because it is a very small, older home in need of updates, making its property tax burden exceptionally low.
5. What are the immediate next steps for a new owner?
Given the home's age and condition, a thorough inspection is essential. Priorities would likely include evaluating the foundational integrity, roof, wiring, and plumbing. Planning would focus on making the main floor livable, with the basement as a long-term project.