837 Fairmont Road

Property Overview

837 Fairmont Road is a well-established, single-storey home in Winnipeg's Eric Coy neighbourhood. Its primary appeal lies in its exceptionally large, nearly 20,000 sqft lot, which places it in the top 1% of properties in Winnipeg for land size. Built in 1969, the 959 sqft home features a finished basement and sits on a quiet street. Recent market activity is confirmed by an October 2024 sale at $410,000. This property suits buyers seeking space and privacy above all else—ideal for those who envision extensive gardening, outdoor projects, or simply value a generous, park-like setting within the city. It would also appeal to long-term investors who understand the inherent and lasting value of large urban lots, even if the existing house requires future updates. A less obvious perspective is that this lot offers a rare "blank canvas" opportunity in a mature neighbourhood; its value is fundamentally anchored in the land itself, providing a unique hedge that smaller lots cannot match.

Key Questions for Buyers

1. What does the "finished basement" include?
   Given the home's age and modest main floor square footage, the condition and layout of the finished basement are crucial. It's important to clarify if it's a full, legal secondary space or a basic rec room, and to check for any moisture issues common in older foundations.

2. How is the property zoned, and what are the subdivision possibilities?
   With a lot size this significant, understanding the zoning bylaws is essential. Buyers should investigate if the lot could be legally subdivided in the future, as this represents a major potential value not reflected in the current home's price.

3. What are the annual property taxes?
   The assessed value is $366,000, but it recently sold for $410,000. Taxes will likely be based on a value closer to the sale price. Requesting the current tax amount will provide a clear picture of ongoing ownership costs.

4. Why is there such a gap between the sale price and the assessed value?
   This is a common point of inquiry. The sale price reflects the current competitive market's premium for ultra-large lots, which the municipal assessment formula may not fully capture. The recent sale now sets a new benchmark for the property's market value.

5. What is the condition of major systems like roof, plumbing, and heating?
   As a home from 1969, the age and state of these critical components are key. An inspection will determine if major replacements or upgrades are needed soon, which is an important consideration when budgeting for the purchase.