Property Summary: 642 Lanark Street, Winnipeg

Key Characteristics & Appeal

This one-storey home in J.B. Mitchell is defined by a compelling contrast: its living space is modest at 946 sq ft, but it sits on a generously sized lot of approximately 6,600 sq ft. The home’s assessed value ranks well above average for its neighbourhood and street, suggesting it is viewed favorably relative to its peers, likely due to its renovated basement and desirable land parcel. Built in 1955, it’s a classic post-war bungalow with the potential for expansion or outdoor projects.

The primary appeal lies in its land value and established location. It suits a practical buyer who values a larger, private yard over a sprawling interior, or an investor/renovator who sees the long-term potential in the lot size. It’s also a sensible entry point into the market for a first-time buyer or downsizer comfortable with a cozier footprint, especially with the updated basement providing additional flexible space. A less obvious perspective is that a home with a high assessed value relative to its size can indicate a premium for location and land—factors that are permanent, unlike interior finishes which can be changed.

Frequently Asked Questions

1. The house seems small, but the assessed value is high. Why?
The assessed value reflects more than just living area. Here, it is strongly influenced by the above-average lot size and the renovated basement, which adds usable space. The value ranking indicates that for its specific location (Lanark Street, J.B. Mitchell), this property is considered a premium offering compared to others of similar age and style.

2. What does the "renovated basement" include?
The listing confirms the basement is renovated but does not specify the finishes or layout. This is a key detail to clarify with the selling agent to understand if it’s a finished living space, a rental suite, or updated utilities and storage.

3. Is the detached garage included?
Yes, the property includes a detached garage. The specifics on its size, condition, and any electrical service would need to be verified.

4. How does the recent sold price compare to the assessed value?
Public data shows it sold for between $46.5k and $49.5k in late 2024, which aligns closely with its current assessed value of $46.9k. This suggests the assessment is in line with very recent market activity.

5. The lot is large. Are there any restrictions on what I can build?
This is a crucial question for a buyer with future plans. While the lot size offers potential, you must consult the City of Winnipeg’s zoning bylaws for the property to understand allowable uses, building coverage limits, setback requirements, and the potential for additions or new structures like a garage or garden suite.