Property Overview

This one-and-a-half storey home on a generous 5,147 sqft lot in Central River Heights presents a classic Winnipeg character property with modern updates. Its key appeal lies in the combination of a prime, established neighbourhood, significant lot size, and a recently renovated basement that adds functional living space. The home suits buyers looking for a solid, no-frills character home in a desirable central location, who value space and potential over brand-new condition. It’s particularly well-matched for those who appreciate the charm of a 1940s build but want some of the heavy lifting of a renovation already completed. A less obvious point of value is the lot’s ranking; while the home itself is average in size for the street, the land parcel is in the top half, offering a relative scarcity of outdoor space that could be a long-term asset.

The most recent sale in late 2023 at $380k significantly exceeds the assessed value, indicating strong market demand for homes in this area with these features. This suggests buyers are paying a premium for the location, lot, and renovated condition, viewing it as a sound investment in a stable neighbourhood.

Frequently Asked Questions

1. How does the recent sale price compare to the assessed value?
The home sold for $380,000 in December 2023, which is substantially higher than its $41,900 assessed value. This is common in active markets, where assessed values for tax purposes often lag behind current market values based on recent sales, renovations, and buyer demand.

2. What does "ONE & 1/2 STOREY" building type typically mean?
This style, common for its era, usually features a main floor with principal rooms and a second floor under sloping roof lines, often creating cozy bedrooms with character. It distinguishes the home from a full two-storey or bungalow layout.

3. Is the lot size a significant feature?
Yes. At over 5,000 sqft, the lot is larger than half the properties on Cordova Street. In a mature neighbourhood where land is fixed, a larger lot provides more outdoor space, potential for gardening, parking, or future expansion, and is a key contributor to the property's value.

4. The home is older—what should I consider?
Built in 1945, the home’s major systems (roof, wiring, plumbing, insulation) should be carefully inspected. The recently renovated basement is a positive update, but the age means maintenance planning should focus on these core components rather than just cosmetic finishes.

5. How does this property rank within the neighbourhood?
The rankings show a mix: its lot size is above average for the area, but the living space is fairly typical. Its year built is newer than most in Central River Heights (top 1%), which can be an advantage. It’s a property that offers a balanced, middle-of-the-road offering in terms of size, but stands out for its lot and recent sale activity.