696 Patricia Avenue

Property Overview & Key Characteristics

This one-storey home in Fort Richmond offers a practical, no-fuss layout on a generous 6,601 sqft lot. Built in 1964, its key features include a renovated basement and a detached garage. With 1,222 sqft of living space, it sits comfortably above average for its immediate street and neighbourhood.

The primary appeal lies in its established setting and the value of the land itself. The lot size is notably larger than many in Winnipeg, ranking in the top 30% on its street, which presents potential for outdoor space or future expansion. The renovated basement adds immediate functional living area. Its last sale in 2019 was well above the current assessed value, which may indicate a previous premium market moment or specific upgrades at that time.

This property would suit a first-time buyer looking for a solid starter home with a manageable footprint, or a downsizer seeking single-level living without sacrificing yard space. It’s a pragmatic choice for someone who values the stability of an older neighbourhood and sees potential in the substantial lot, rather than seeking high-end finishes or a brand-new build.

Frequently Asked Questions

1. How does the assessed value compare to the likely market price?
The assessed value is a municipal figure for tax purposes and is often lower than market value. The home last sold for $340,000 in 2019, which is a more relevant, though historical, benchmark for comparison.

2. What does the "renovated basement" entail?
The listing confirms the basement is renovated but does not specify the scope. A professional inspection is recommended to determine the quality of the renovation, its compliance with permits, and whether it’s a finished living space or simply updated.

3. Is the large lot a benefit for this property?
Yes, the lot is a significant asset, ranking in the top 30% on the street for size. This offers more private outdoor space than typical and is a key differentiator with long-term value, whether for enjoyment, gardening, or future property improvements.

4. The home is older—what should I be aware of?
Built in 1964, major systems like the roof, plumbing, electrical, and foundation should be carefully evaluated. An older home on a large lot can be a great opportunity, but a thorough inspection is essential to understand any needed updates or maintenance.

5. How does this home rank within the neighbourhood?
The home’s living area and lot size rank above average for its immediate street and are competitive within Fort Richmond. Its year of build is newer than most in the wider neighbourhood, but its assessed value is squarely in the middle range, suggesting it is viewed as a typical property for the area by the assessor.