Property Overview

This 1950-built, one-and-a-half storey home at 426 Washington Avenue in Winnipeg's Chalmers neighbourhood presents a specific and compelling opportunity. Its primary appeal lies in the generous, above-average 5,202 sqft lot, offering significant outdoor space and potential in a city where such lots are becoming rarer. The home itself is modest at 894 sqft of living space, but features a renovated basement and a detached garage. The assessed value of $250k positions it well below the citywide average, suggesting a more accessible entry point.

Key Characteristics & Ideal Buyer

The standout feature is the land. The lot size ranks in the top 6% on its street and top 8% in Chalmers, offering a canvas for gardening, expansion, or future development that is uncommon for the price. The renovated basement adds functional living space, offsetting the smaller main floor area. The home’s year of build (1950) is notably newer than most in the immediate area, which may imply fewer concerns associated with much older construction.

This property would suit a pragmatic buyer who values land over a large existing footprint. It’s ideal for someone looking for a starter home with room to grow outdoors, an investor interested in the long-term value of the lot, or a hands-on owner comfortable with a home that offers potential rather than outright size. Its recent sale history (last sold in 2018 for $23.5k) indicates it may have been a project property, so it likely appeals to those with a vision for gradual improvement.

Frequently Asked Questions

1. Is the lot size the main selling point?
Yes, primarily. The land is substantially larger than typical lots in both the neighbourhood and across much of Winnipeg, offering rarity value and potential that the living space itself does not.

2. What does "renovated basement" typically mean for a home of this age?
While specifics should be verified, in this context it usually indicates basic finishing for livability—such as insulation, drywall, and flooring—to create a functional rec room, office, or additional bedroom space. It's wise to inquire about the scope, permits, and moisture control.

3. Why is the assessed value ($250k) so much higher than the last recorded sale price ($23.5k in 2018)?
The 2018 sale price was exceptionally low, likely indicating a distressed sale, a property in very poor condition at the time, or a non-arms-length transaction. The current assessed value reflects the property's market value as determined by the municipal assessor for taxation purposes, which is more aligned with general area values and the lot premium.

4. Who would this property not suit?
It may not suit buyers seeking a large, move-in-ready home with ample interior space. The living area is below the city average. Those unwilling to take on any updates, or who prioritize immediate modern finishes and open-concept layouts, might find it limiting.

5. How does the detached garage impact the lot's potential?
The garage provides valuable storage or workshop space but also occupies part of the large lot. For a buyer considering future additions like an extension, laneway house, or pool, the garage's placement would be a key factor in planning.