Property Overview & Key Characteristics
This one-storey home at 470 Ferry Road in Winnipeg's King Edward neighbourhood presents a specific, value-oriented opportunity. Built in 1914, its primary appeal lies in its position as an affordable entry point into the market. With 1,072 sqft of living space, it offers more room than many comparable homes on its street and in the immediate area. However, its assessed value of $190k is notably below average across all comparisons—street, neighbourhood, and city-wide—highlighting its potential as a lower-cost option.
The property suits first-time buyers, investors, or downsizers comfortable with a character home that requires modernization. Its smaller land lot (2,445 sqft) means less exterior maintenance, which could be a plus for some. A thoughtful perspective is that while the home ranks below average in metrics like year built and land size, it outperforms its local peers in living area. This suggests you're getting more interior space for your dollar here than is typical in King Edward, a trade-off some buyers will find strategic. The last recorded sale was in early 2019, indicating a potential for equity growth for a long-term holder.
Frequently Asked Questions
1. Is this a "fixer-upper"?
Given its age (1914) and below-average assessed value, some updates are likely needed. The appeal is acquiring more interior space than is typical for the price in this area, with the understanding that some investment may be required to modernize.
2. What does the below-average assessed value mean for property taxes?
A lower assessed value generally translates to lower municipal property taxes compared to similar-sized homes with higher assessments. This is a key part of the ongoing affordability.
3. There's no garage or basement. How does that impact storage and utilities?
The lack of a basement means all living and mechanical systems (furnace, water heater) are on the main floor, which can simplify access for maintenance. Storage and laundry solutions will need to be creatively incorporated into the main floor plan.
4. The home sold in 2019. Why is the exact price not listed?
Exact sale prices are not always publicly available in Manitoba. The range provided ($13.50k ~ $16.50k) is based on available data. The current listing price and assessed value offer a more relevant picture of its present market position.
5. How does the smaller lot size affect me?
The lot is smaller than most in Winnipeg. This reduces yard maintenance—a benefit for those seeking a low-maintenance property. However, it also means less private outdoor space and limited potential for expansions like a large addition or garage.