315 Knowles Avenue

Property Overview & Key Characteristics

This one-storey home on a large, 8,544 sqft lot in River East presents a solid opportunity for buyers seeking space and value. Its key appeal lies in the substantial lot size, which ranks in the top 18% for the neighbourhood, offering rare potential for expansion, gardening, or outdoor living. The home itself is modest in size at 1,048 sqft, but benefits from a renovated basement, adding functional living space. Built in 1961, it is notably newer than many area homes, ranking in the top 7% for the neighbourhood by year built. The recent sale price of $375k sits above its assessed value, suggesting a competitive market perception. A detached garage completes the package.

This property would suit a practical buyer looking for a long-term home with room to grow on the property itself, whether through future renovations, an addition, or simply enjoying a large private yard. It’s also a fit for those who prefer the convenience of single-level living combined with the added space of a finished lower level. The numbers indicate you are paying a premium for the land and location more than the existing structure, making it ideal for someone who sees underlying value.

Frequently Asked Questions

1. How does the large lot size impact value?
Beyond private outdoor space, a lot of this size is a strategic asset. It significantly increases the property’s future redevelopment potential, offering options that simply don’t exist on standard lots, which can be a strong hedge against market shifts.

2. The home sold for more than its assessed value. What does that mean?
Assessed value is for municipal tax purposes and often lags behind the current market. The sale price reflects what a buyer recently was willing to pay in the open market, indicating that the property’s perceived value—likely due to the lot, condition, or location—exceeds its official assessment.

3. What are the implications of the home being "newer" than most in the area?
While still an older home, a 1961 build in a neighbourhood with many pre-1950s houses can suggest potentially fewer age-related issues with core components like the foundation or electrical systems, though a thorough inspection is always critical.

4. Who might the renovated basement suit best?
The basement adds crucial flexible space. It’s ideal for a growing family needing a rec room, a professional wanting a separate home office, or a household looking to generate rental income through a potential suite (subject to local zoning and regulations).

5. How does this property compare to others on the same street?
The rankings show a mix: the lot size is above average for the street, while the living area is below average. This highlights the property’s specific profile—you’re acquiring a larger-than-typical parcel of land with a more modest-sized home on it compared to your immediate neighbours.