Property Overview

This one-and-a-half storey home in Archwood presents a classic Winnipeg character property built in 1935. Its primary appeal lies in a generous, nearly 5,000 sqft lot that ranks in the top tier for the street and neighbourhood, offering significant outdoor space and potential. The home itself is modest in size at 874 sqft and retains its original, unrenovated basement, positioning it as a solid candidate for buyers interested in a gradual, sweat-equity project or those seeking a lower entry point into a well-regarded area. Its assessed value is stable and ranks highly within its immediate context.

The property would suit a first-time buyer comfortable with a home that needs updating, an investor looking for a land-value play with a rental unit potential (post-renovation), or someone seeking a manageable footprint with ample garden space. A less obvious angle is its appeal to those who value established, tree-lined streets over brand-new builds; the lot size offers a sense of privacy and room to grow that is increasingly rare at this price point. The sales history shows a notable peak in 2020, followed by a correction, suggesting a purchase today may represent a more grounded value within the cycle.

Frequently Asked Questions

1. What does "one-and-a-half storey" mean for this home?
Typically, this style features a main floor with principal rooms and a second floor under sloped rooflines, creating cozy bedrooms with potentially reduced ceiling height in some areas. It's a charming, classic design but may feel more compact than a full two-storey.

2. How significant is the unrenovated basement?
The basement is described as "not renovated," which should be factored into inspection and budgeting. It likely has functional systems but will require modernization for finished living space. This represents both a current limitation and future opportunity.

3. The lot is large, but what does that mean practically?
A 4,948 sqft lot is well above average for the area. This allows for expansive gardening, recreational space, potential for additions (subject to zoning), and simply more distance from neighbours compared to newer, denser subdivisions.

4. The sold price in 2020 was $240k, but it's now assessed near $29k. Why the huge difference?
The assessed value is for municipal tax purposes and is not a market valuation. The $240k sale in 2020 reflects the market peak. The current assessment and the more recent 2022 sale price ($29.5k) suggest a market correction and indicate the tax base is low, which is a positive for carrying costs.

5. Who is the ideal buyer for this specific property?
The ideal buyer values land size and location over move-in-ready finishes. It's a project that requires a vision for gradual updates. It's less suited for someone needing immediate, modern convenience and more suited for a pragmatic buyer who sees the long-term value in a large lot in a stable neighbourhood.