Property Overview: 722 Toronto Street, Winnipeg

Section 1: Key Characteristics & Appeal

This is a notably modern home in a historic neighbourhood. Built in 2022, it stands out as one of the newest properties on its street and in the broader Daniel McIntyre area, where most homes are over a century old. Its key feature is a fully renovated basement, adding functional living space to its 992 sqft footprint. The lot is compact at 2,318 sqft, which is typical for the central neighbourhood but below the city-wide average.

The primary appeal lies in its move-in-ready condition and modern construction within an established, inner-city community. It offers freedom from the major maintenance or renovation projects often associated with older character homes. The property’s assessed value is exceptionally high for its immediate area, reflecting its newness and updated status compared to neighbouring properties.

This home would best suit a buyer seeking a low-maintenance, modern living space without leaving the city’s core. It’s ideal for first-time homeowners, small families, or professionals who want character in the neighbourhood but predictability in the home itself. The compact lot and one-storey layout also make it a practical option for those looking to downsize while staying in a vibrant urban area.

Section 2: Frequently Asked Questions

1. Why is the assessed value so much higher than nearby homes?
The assessment reflects the home’s very recent construction (2022) and renovated basement. Compared to the mostly pre-1920 homes around it, this property has modern systems, finishes, and no deferred maintenance, which significantly increases its value in the eyes of the assessor.

2. Is the living space smaller than average?
At 992 sqft, the living area is slightly below the average for the Daniel McIntyre neighbourhood. However, the inclusion of a renovated basement provides additional finished space that isn’t captured in the main living area square footage, offering more room than the initial figure suggests.

3. What are the implications of such a new house in an old area?
This can be a double-edged sword. You benefit from modern insulation, wiring, and plumbing, which means greater energy efficiency and fewer immediate repairs. However, the architectural style and lot size may differ from the traditional streetscape, and property taxes will likely be higher than for an unrenovated older home on the same block.

4. The lot seems small. What does that mean for me?
The compact lot (2,318 sqft) means lower exterior maintenance—less grass to mow and fewer gardens to tend. It also suggests a closer proximity to neighbours. For those who value a large private yard, this is a limitation. For those who prefer to spend less time on upkeep or who prioritize location over land, it’s a practical fit.

5. How does the last sale price from 2019 relate to today’s value?
The home sold for $130,000 in late 2019, likely just prior to or at the start of its rebuild or comprehensive renovation. The current assessed value is significantly higher, capturing the substantial investment made in creating a new, modern dwelling on the existing lot. The 2019 price is a historical point of reference, not an indicator of current market value.