Property Overview: 402 Ferry Road, Winnipeg

Key Characteristics & Buyer Appeal

This is a compact, early 20th-century home (built 1918) on a modest lot in the King Edward neighbourhood. Its key characteristics include an 827 sqft one-and-a-half storey layout, an unrenovated basement, and a detached garage. The data reveals a nuanced position: while its living area and age are fairly typical for its immediate street and area, its assessed value and land size are notably below averages when viewed on a broader city-wide scale. This creates its core appeal as an accessible entry point into the market.

The property would best suit a pragmatic first-time buyer, an investor looking for a straightforward rental property, or a hands-on individual comfortable with a home that may require updates over time. Its appeal lies not in luxury or size, but in affordability and location within an established community. A less obvious perspective is that its below-average tax assessment (based on its low assessed value) could represent a meaningful ongoing cost saving compared to many other homes. Additionally, its typical stature for the local area suggests it fits seamlessly into the neighbourhood's character, potentially offering a sense of established community often missing in newer, more disparate subdivisions.

Frequently Asked Questions

1. Why is the assessed value so much lower than the city-wide average?
The assessed value is primarily a function of the property's smaller size, older age, and the specific market dynamics of its neighbourhood compared to the entire city. It reflects a valuation for taxation purposes, not necessarily the current market sale price.

2. What does "basement, not renovated" typically imply?
This usually indicates the basement is in original or functional condition, but may lack modern finishes. It likely houses essential utilities and provides storage or basic laundry space, offering potential for future improvement but not move-in-ready living space.

3. How does the living area compare to nearby homes?
At 827 sqft, the living area is close to the average for both Ferry Road and the wider King Edward area. This suggests the home's size is consistent with many of its neighbours, offering a comfortable but not expansive layout for the locale.

4. Is the detached garage a significant feature?
Yes, especially in an older neighbourhood. A detached garage provides secure storage and parking, a valuable asset not always present with homes of this vintage. It also offers flexibility for use as a workshop or additional storage space.

5. The home sold recently in early 2025. What can that price indicate?
The sold price range provides the most current market benchmark for the property. When compared to its assessed value, it shows the actual price a buyer was willing to pay recently, which is often more informative than the tax assessment for understanding current value.