Property Overview

This one-and-a-half storey home, built in 1913, presents a straightforward opportunity in Winnipeg's Chalmers neighbourhood. Its key appeal lies in its position as an affordable entry point, particularly for its land value. With a living area of approximately 1,001 sqft, an unfinished basement, and no garage, it is a modest property that has been priced consistently below city-wide averages in recent sales.

Key Characteristics & Ideal Buyer

The home’s primary characteristic is its proportionally large lot (2,213 sqft) relative to its assessed and recent sale values. While the lot size is below average for the city, it is competitively sized for its immediate street and neighbourhood, suggesting the value is tied more to the land than the existing structure. The house itself is of average size and age for the Chalmers area, indicating it’s a typical home for this locale, not a standout renovation project nor a dilapidated property.

Its appeal is grounded in affordability and potential. It would suit a first-time buyer or investor comfortable with a home that requires updates. It’s also a candidate for someone interested in the long-term value of a land parcel in a settled neighbourhood, rather than seeking immediate move-in perfection. A thoughtful perspective is that its consistently low sale prices—even in hot markets—highlight it as a stable, non-speculative asset, which could be a virtue for a buyer seeking minimal debt exposure or a predictable base for gradual improvement.

Frequently Asked Questions

1. Is this a teardown property?
While the home is older and modest in size, its living area is average for the street and neighbourhood, and it has a functional, unrenovated basement. It is more accurately described as a home that needs updating rather than an automatic candidate for demolition, though a buyer's intentions would depend on their budget and plans for the lot.

2. Why is the assessed value so much lower than the city-wide average?
The assessed value reflects the property’s market value relative to similar homes in its area. This home’s value is in line with averages on its street and in Chalmers, but is far below the Winnipeg average, which is pulled upward by newer, larger homes in more expensive neighbourhoods.

3. What does the sale history indicate?
The property sold for $16.7k in 2021 and $13.5k in 2017. This history shows it transacts at a very affordable price point and has maintained a stable, low value over time, without the volatile swings seen in some market segments.

4. Are there any major red flags from the data?
The data provided shows no major red flags regarding size or value for the area. The key considerations are not visible in statistics: the condition of the roof, foundation, wiring, and plumbing in a 113-year-old home should be thoroughly inspected.

5. How does the lack of a garage and an unfinished basement affect value?
These features are common for homes of this era and in this price range. They contribute to the lower price and represent the most obvious opportunities for a future owner to add value and functionality through renovation or an addition.