Property Overview & Appeal

This one-storey home on a generous 6,028 sqft lot in Central River Heights presents a specific and compelling opportunity. Its key characteristic is the land itself—the lot size is notably above average for both the immediate street and the desirable neighbourhood, offering ample outdoor space and potential in a prime location. The home, built in 1954, is older than many on the street but benefits from a renovated basement. With a living area of 1,416 sqft, it provides standard interior space for the city, but the standout feature is the balance of a manageable-sized house on a larger-than-typical lot.

The appeal lies in this land-to-building ratio. It suits a buyer looking for a foothold in a established area like River Heights, prioritizing future potential and outdoor space over a large or modern house. It’s an ideal candidate for a long-term holder: someone comfortable with a home of vintage character who values the optionality that a large lot provides, whether for gardening, expansion, or simply the rarity of such space in a central location. The detached garage adds practical utility. Financially, the assessed value is below average for the street, which may indicate an opportunity but also suggests the improvements are viewed as modest relative to the land value.

Frequently Asked Questions

1. What does the below-average assessed value for the street indicate?
It primarily reflects that the municipal assessment weighs the built structure more heavily than the land market value. For this property, it suggests the home itself is considered more modest compared to others on Waterloo Street, but this can represent a value opportunity for a buyer who appreciates the lot size.

2. Is the renovated basement finished?
The listing confirms the basement is renovated, but the specifics of the renovation (e.g., legal suite, recreation room, or simply updated systems) are not detailed. This is a key point for verification during a viewing.

3. How does the lot size compare practically?
At over 6,000 sqft, the lot is approximately 20% larger than the neighbourhood average for comparable homes. This translates to significantly more backyard space, greater distance from neighbours, and more flexibility for landscaping, additions, or other outdoor uses.

4. What are the implications of the home being built in 1954?
While newer than many homes in the area, a 70-year-old home will likely have vintage systems and layout. The renovated basement is a positive update, but buyers should budget for ongoing maintenance and potential updates to roofing, windows, or mechanical systems consistent with its age.

5. Who would this property not suit?
It may not suit buyers seeking a modern, turn-key home with minimal immediate projects, or those whose priority is maximum interior square footage. The value proposition here is centred on the land and location, with the home itself serving as a solid, updated foundation.