Property Overview: 558 Bourgeault Street, Winnipeg

Section 1: Key Characteristics & Appeal

This is a compact, one-storey home built in 1910, situated on a decent-sized lot in Central St. Boniface. Its key features include a renovated basement and a detached garage. The data reveals a property with distinct contrasts: while its living space (824 sq ft) is modest compared to most area homes, its land area (5,397 sq ft) is above average for the neighbourhood. This creates a unique profile of a smaller house on a relatively generous lot.

The primary appeal lies in its location within a sought-after area and its potential. It suits a specific type of buyer: those looking for an entry point into St. Boniface, who value land size over existing home size, and who are prepared for a project. The very low assessed and recent sale values suggest it may be a teardown, a major renovation candidate, or a land play. It would suit investors, builders, or handy buyers envisioning a custom home or expansion, prioritizing the lot and location over the existing structure.

A less obvious perspective is that this property represents a clear trade-off. You are acquiring a premium address and a larger-than-typical neighbourhood lot, but you are likely starting from a very basic point with the existing dwelling. Its value is almost entirely in the land and location.

Section 2: Frequently Asked Questions

1. Why is the assessed value so much lower than nearby properties?
The assessed value is based on the current state and size of the 1910 home. Given its modest living area and age, the assessment reflects the structure's limited contribution to total property value, with the land value being the significant component.

2. Is this property a teardown?
While not officially marketed as such, the combination of a very small, older home on a sizable lot in a desirable area strongly suggests that redevelopment is a primary option considered by buyers. Any purchase should include due diligence on zoning and building permits for new construction.

3. What are the advantages of the lot size?
The above-average lot for St. Boniface provides flexibility not found with smaller parcels. It allows potential for a larger new home, outdoor living space, garden areas, or even future subdivision, subject to city regulations.

4. How livable is the house in its current state?
The listing notes a renovated basement, suggesting some updates. However, with 824 sq ft of main living space, it is very compact. A buyer should anticipate it needing significant modernization and likely an addition to meet contemporary standards for space.

5. The sale history shows a sharp drop in price from 2017 to 2024. What does this indicate?
This significant decrease typically points to a major change in the property's condition or circumstance between sales. It reinforces the idea that the property is now being valued primarily for its land, not the existing house, which may have been deemed uninhabitable or requiring prohibitive investment.