Property Overview: 675 Cathedral Avenue, Winnipeg

Key Characteristics & Appeal

This one-and-a-half storey home, built in 1945, presents a practical opportunity in the Inkster-Faraday neighbourhood. With 1,200 sqft of living space and a renovated basement, it offers functional space on a standard 4,562 sqft lot. Its appeal is rooted in value and fundamentals rather than luxury features. The home lacks a garage or pool, positioning it as a straightforward, no-frills property.

The data suggests a nuanced value proposition. For the local area, the living space is competitive and the lot size is notably above the neighbourhood average, offering good outdoor space potential. However, the assessed value is significantly below both the street and city-wide averages. This combination points to a home that may appeal to value-conscious buyers, first-time homeowners, or investors looking for a functional property with a manageable tax assessment. It suits someone comfortable with a home of this vintage, possibly seeing potential in the renovated basement as a flexible living or utility space. A less obvious perspective is that its "average" metrics in many categories for the street and area indicate a stable, typical property for the community, not an outlier, which can be a positive for long-term consistency.

Frequently Asked Questions

1. Why is the assessed value so much lower than the city-wide average?
This is common for older, more established neighbourhoods where property assessments haven't risen at the same pace as newer city developments. It often translates to relatively lower property taxes, which is a key ongoing cost savings.

2. What does the "renovated basement" entail?
The listing confirms the basement is renovated but does not specify the scope or finishes. This is a key detail to clarify with the seller or agent to understand if it’s a finished living space, a modernized utility area, or has specific upgrades like moisture control.

3. How does the lack of a garage affect parking and storage?
The property has no garage. Buyers should investigate on-street parking permits, driveway potential (if any), and consider the cost of adding a shed or alternative storage solutions, as the basement may need to serve this function.

4. The home sold in 2023; is the current price close to that sale price?
The exact 2023 sold price is provided upon request to the site, but the public range shown is $14.5k - $17.5k. Comparing the current asking price to that exact figure is essential to gauge recent market movement.

5. How does the 81-year-old age of the home impact maintenance?
While the basement has been renovated, core systems like the roof, plumbing, electrical, and the home's structure are from a different era. A thorough inspection is crucial to budget for potential updates that align with modern standards.