485 Craig Street

485 Craig Street – Property Summary

Key Characteristics & Appeal

This is a 1912-built home in Wolseley with 1,182 sq. ft. of living space on a 2,195 sq. ft. lot. Its standout feature is its assessed value: ranked 4th out of 61 homes on Craig Street (top 7%), it sits well above the street average of $299,400. The living area is about average for the street and city, but the lot is notably small—ranking in the bottom 1% citywide and bottom 3% within Wolseley. The home is older than most in the city (top 92% by age), but on its street and in the neighbourhood, the build year is more typical.

The appeal lies in value per square foot. You’re getting a property assessed significantly higher than its street peers, which suggests either above-average condition, desirable updates, or a location premium within the block. For buyers, this could mean strong resale potential or a solid asset if the assessment reflects market reality. It would suit someone who prioritizes location and long-term equity over yard space—city lots this size are common in older, walkable neighbourhoods. The small lot also means less maintenance, which might appeal to downsizers or professionals who want a character home without a big outdoor commitment. It’s less suited for families needing a large yard or buyers who expect a lot size typical of newer subdivisions.

Five Possible FAQs

1. How does the lot size compare to other homes in Wolseley?
   At 2,195 sq. ft., it’s smaller than 97% of neighbourhood listings. Wolseley is known for modest lots, but this one is particularly compact even by local standards.

2. Why is the assessed value high relative to the street average?
   It ranks 4th out of 61 homes on Craig Street. High assessment could reflect recent renovations, a well-maintained interior, or favourable positioning (e.g., corner lot, no adjacent issues). Worth investigating what comparable high-assessed homes on the street offer.

3. Is the living area competitive for a home built in 1912?
   1,182 sq. ft. is around the street average and slightly below the neighbourhood average (1,622 sq. ft.). For a pre-war home, this is a common size—many were built as modest single-family or starter homes.

4. How does the year built affect insurance or maintenance?
   1912 construction means older materials and systems. You may face higher insurance premiums or need specialized coverage. Expect potential updates to wiring, plumbing, and insulation—common in homes of this era, but worth budgeting for.

5. What’s the advantage of a small lot in a high-assessment property?
   Lower outdoor upkeep, potentially lower property taxes per square foot than larger lots, and a stronger chance of holding value if the land-to-building ratio is efficient. It’s a trade-off between space and convenience.