Property Summary: 215 Ferry Road, Winnipeg

Section 1: Key Characteristics & Appeal

This one-and-a-half storey home, built in 1918, presents a classic character property with practical considerations. Its key appeal lies in its position as a modest, entry-level home in Winnipeg's King Edward neighbourhood. With 927 sqft of living space and a 2,705 sqft lot, its size is very typical for its immediate street and area, offering a manageable footprint.

The home’s most defining characteristic is its significantly below-average assessed value, both locally and city-wide. This suggests a potentially lower property tax burden and an accessible price point, but it also clearly indicates the home requires modernization, as it features an unrenovated basement. The detached garage adds practical storage or workshop space.

This property would best suit a hands-on buyer looking for a straightforward starter home or a long-term investment property. It’s ideal for someone comfortable with a project, whether tackling renovations gradually or valuing the original charm over contemporary finishes. It offers a chance to enter the market in a central neighbourhood with the understanding that its value is rooted in land and location potential rather than current finishes.

Section 2: Frequently Asked Questions

1. What does "below average assessed value" really mean for a buyer?
It primarily indicates a lower annual property tax bill compared to similar-sized homes. It also strongly suggests the home has not been recently renovated or assessed with high-end finishes, setting clear expectations for its condition and highlighting value in the lot and structure itself.

2. Is the unrenovated basement a major concern?
It depends on your goals. It presents both a drawback and an opportunity. While it may lack finished living space, it also means there are no questionable DIY renovations to undo. For a buyer planning a custom renovation, starting with a blank slate can be an advantage.

3. How does the 1918 build year affect the home?
Homes of this era often feature solid construction and classic layouts, but will likely require updates to mechanical systems (like wiring or plumbing) and insulation to meet modern efficiency standards. Its age is typical for the street, so it fits the neighbourhood’s character.

4. The lot seems smaller than the city average. Is that a problem?
The lot is actually quite standard for the King Edward area and on Ferry Road itself. While smaller than a newer suburban lot, it provides manageable outdoor space with less maintenance, which can be a benefit for first-time homeowners or investors.

5. Who would this property not suit?
It would not be a good fit for buyers seeking a move-in-ready home with modern amenities, or for those unwilling to budget for immediate repairs or future renovations. It also may not suit those who prioritize large private outdoor spaces, as the lot is compact.