Property Overview: 323 Ferry Road, Winnipeg

Key Characteristics & Appeal

This is a compact, one-storey home built in 1918, situated on a standard-sized lot in the King Edward neighbourhood. Its key characteristic is its modest scale, with a living area of 600 sqft that places it well below the city-wide average for home size. This is reflected in its assessed value, which is significantly lower than both local and city-wide averages. The home features a detached garage but no basement or pool.

The primary appeal lies in its position as an accessible entry point into the Winnipeg market. It suits a very specific buyer: someone seeking absolute minimal upkeep, a first-time buyer comfortable with a cozy footprint, or an investor looking for a straightforward, lower-cost rental property. Its age suggests potential character, but also implies a need for attention to maintenance and updates. A thoughtful perspective is that this property represents a trade-off—while space is limited, it offers the chance to own a detached home with its own land, which can be a rarity at this price point. It’s less about the house itself and more about securing a position in a neighbourhood, with the potential to expand or renovate over time, subject to regulations and budget.

Frequently Asked Questions

1. Why is the assessed value so much lower than the city-wide average?
The assessed value is closely tied to the home's very small size (600 sqft) and age. It is priced for its existing structure and lot, not for potential finished space, placing it in a different market segment than larger, modern homes.

2. What are the implications of not having a basement?
The lack of a basement means all mechanical systems, storage, and living space are confined to the main floor. This limits storage options and may mean heating/cooling systems are in closets or a utility room, but it also eliminates concerns about basement moisture or flooding.

3. The home sold in 2021. What can that price range tell me?
The previous sale price range (14.5k–17.5k) provides a recent benchmark for market value, showing it transacts at a level consistent with its low assessment. It indicates a stable, niche market for very modestly sized homes.

4. How does the lot size compare, and what does that allow?
At 2,695 sqft, the lot is around average for the street but below average for the wider area. It provides adequate outdoor space for a garden or patio but may have limitations for a large addition, depending on zoning setback requirements.

5. Who would this property not suit?
It would not suit buyers who need multiple bedrooms, dedicated workspace, significant storage, or who are not prepared for the maintenance that comes with a century-old home, however small. It is a functional starter home or investment, not a move-in-ready family property.