Property Overview: 409 Winchester Street, Winnipeg

Key Characteristics & Appeal

This one-and-a-half storey home in Deer Lodge, built in 1920, presents a classic Winnipeg character home with practical updates. Its key appeal lies in a well-balanced package: it offers a recently renovated basement, an above-average land size of over 6,000 sqft for the area, and a living space (1,304 sqft) that is squarely average for the neighbourhood. The sale history shows significant value growth, with the price rising from $210k in 2023 to $370k in 2024, suggesting strong market confidence and likely reflecting the basement renovation.

The property suits two main types of buyers. First, it’s ideal for a practical homeowner who values a larger, private yard in a mature neighbourhood more than a brand-new build. Second, it fits a value-conscious buyer looking for a character home that already has major foundational work (like a renovated basement) completed, providing a blend of charm and modern living without starting from scratch. Its average rankings for living area and value against local comparables indicate it’s a standard, fairly priced offering for Deer Lodge, not an outlier, which can be appealing for those seeking a stable, community-oriented investment.

Frequently Asked Questions

1. What does the "renovated basement" likely include?
While specifics aren't listed, the notable increase in sale price year-over-year strongly suggests it's a finished, livable space—potentially adding a family room, additional bedroom, or modern laundry/utility area. It’s a key value-add in an older home.

2. How does the land size compare to newer subdivisions?
At just under 1/7th of an acre, this lot is significantly larger than typical modern infill lots. It offers ample space for gardening, play, or future additions like a garage or deck, which is a rare find in this price range within the city.

3. The home is older—what should I budget for maintenance?
Built in 1920, the core structure is over a century old. While the basement is renovated, prospective buyers should budget for ongoing upkeep typical of heritage-era homes, such as potential updates to original windows, roofing, or the heating system.

4. The assessed value is much lower than the sale price. Why?
Manitoba’s assessed value for taxation purposes often lags behind rapid market shifts. The 2024 sale price of $370k reflects current market demand and the home’s updated condition, whereas the assessment is an administrative valuation not intended to match real-time sale prices.

5. Is the lack of a garage a major drawback?
For some buyers, yes. However, the large lot presents a clear opportunity to build one, subject to bylaws. The trade-off is common in mature neighbourhoods: you gain a larger, established yard and character in exchange for adding a garage yourself.