Property Overview: 645 Cathedral Avenue, Winnipeg
Key Characteristics & Appeal
This is a compact, one-storey home built in 1940, situated on a notably generous lot for the Inkster-Faraday neighbourhood. With 660 square feet of living space, the home is significantly smaller than most in the city, positioning it as a minimalist or entry-level option. Its key practical features include a renovated basement and a detached garage.
The primary appeal lies in its efficient scale and the potential of its land. The property sits on a 4,556 sqft lot, which ranks well above average for the immediate area, offering valuable outdoor space or future expansion potential rare for the neighbourhood. With a very modest assessed value, it presents a low barrier to entry into the housing market. This home would suit first-time buyers, investors seeking a rental property with a manageable footprint, or downsizers looking for a simple, low-maintenance living arrangement without sacrificing yard space. Its value is pragmatic, rooted in land ownership and basic shelter rather than square footage or modern finishes.
Frequently Asked Questions
1. How recent was the basement renovation, and what was included?
The listing confirms the basement is renovated but does not specify the date or scope. This would be a key question for the seller to understand the quality of the update and if it includes a legal suite or additional living space.
2. What is the condition of the major systems (roof, wiring, plumbing, furnace) given the home's age?
Built in 1940, the age of these critical components will significantly impact both livability and investment. An inspection is highly recommended to identify any needed updates or urgent repairs.
3. How does the very low assessed value impact property taxes?
A lower assessed value typically results in lower municipal property taxes, which is a financial advantage for the owner. However, it's important to confirm the current tax amount, as assessments are just one factor.
4. Is the generous lot size subdividable or suitable for an addition?
The above-average lot is a major feature. Buyers should consult with the city's planning department to understand any zoning restrictions or opportunities for adding a suite, garage, or expanding the home.
5. The last recorded sale was in 2017. Why is the assessed value now lower than that sold price range?
The sold price range for 2017 ($17.5k-$20.5k) is close to the current assessed value ($19.3k). This consistency suggests a stable, low-value property. The assessment may reflect market conditions, specific property characteristics, or the outcome of a formal assessment appeal.