Property Overview: 194 Library Place, Winnipeg

Section 1: Key Characteristics & Appeal

This two-storey home, built in 1918, sits on a 4,168 sqft lot in the Bruce Park neighborhood. Its key characteristics include 1,304 sqft of living space, an unrenovated basement, and no garage. The appeal of this property is rooted in its context and potential. While the home itself is modest in size compared to others on its street, it benefits from being one of the older and more historically established houses in the immediate area. Its lot size is below average for the city, but is quite typical for the Bruce Park neighborhood, suggesting a low-maintenance yard.

This home would suit a specific type of buyer: a value-conscious purchaser, perhaps a first-time buyer or an investor, who sees opportunity in a solid, early-20th-century structure in an established area. It’s for someone comfortable with a home that may require updates, but who appreciates the character and lower property tax burden that can come with a below-average assessed value. A thoughtful perspective is that while the home ranks low on its own street for metrics like land size, it actually aligns more closely with the broader neighborhood averages, indicating it’s a more typical representation of Bruce Park than the larger homes on Library Place might suggest.

Section 2: Frequently Asked Questions

1. What does "unrenovated basement" typically imply?
It generally means the basement is in its original or functional state, lacking modern finishes. It likely has concrete floors and walls, exposed utilities, and serves as a utility and storage space. It presents both a blank canvas and a potential future project.

2. How significant is the lack of a garage?
For this neighborhood and era of home, not having a garage is common. Buyers should plan for street parking or consider the cost and feasibility of adding a garage or carport as a future investment, subject to local bylaws.

3. The assessed value seems very low compared to the 2017 sale price. Why?
Municipal assessed value for tax purposes is often significantly lower than market value and is calculated using a specific formula. The 2017 sale price of $300k is a clearer indicator of its recent market value. The low assessment, however, translates to relatively lower annual property taxes.

4. The home is older than most in Winnipeg. What should I consider?
A 1918 home has character but requires diligent inspection. Key focuses should be the foundation, roof, wiring, plumbing, and insulation. Its above-average age for the street could mean original features remain, but also that major systems may be at or beyond their typical lifespan.

5. How does the lot size impact the property?
At just over 4,000 sqft, the lot is manageable and low-maintenance. It may limit expansion possibilities or the addition of large structures like a garage without special permits, but it also means less yard work and lower exterior maintenance costs.