Property Overview: 248 Selkirk Avenue

Key Characteristics & Appeal

This is a substantial, century-old two-storey home in Winnipeg's Lord Selkirk Park neighbourhood. Its primary appeal lies in its generous scale and land size. With over 2,600 square feet of living space on a 5,121 sqft lot, it ranks among the largest properties on its street and within the wider area. This presents a significant blank canvas for renovation and customization.

The home suits a specific type of buyer: investors, developers, or handy homeowners looking for a project with inherent equity in the form of land and square footage. Its very low assessed value reflects its current condition—the basement is noted as unrenovated—and suggests it requires substantial modernization. For the right buyer, its value proposition is the potential locked within its large footprint and historic frame, offering a rare opportunity to create a tailored living space in a central location. A thoughtful perspective is that while the home itself needs work, its size and lot offer a flexibility rarely found in newer builds, potentially allowing for additions, garden space, or multi-unit development (subject to zoning).

Frequently Asked Questions

1. Why is the assessed value so much lower than recent sale prices?
The assessed value is typically based on mass appraisal models and may not reflect recent market shifts or the specific potential of a property. The recent sale prices (e.g., $23.8k in 2023) are likely more indicative of its current market value, which is influenced by its large lot and floor area relative to other homes in the city.

2. What does the "rank by year" statistic mean for a home built in 1903?
The ranking shows that this home is among the oldest 7% on its street and oldest 1% in Winnipeg. This isn't inherently negative; it confirms the home's historic character but also underscores the importance of a thorough inspection for foundational, electrical, and plumbing systems that may need updating.

3. The home is large, but is the neighbourhood desirable?
The data shows mixed signals. The property ranks in the top quarter for size in its neighbourhood, but in the middle for assessed value there. This suggests the area may have a wide range of property conditions and values. Buyers should personally research the neighbourhood's dynamics and future development plans to see if it aligns with their goals.

4. What is the significance of the nearby comparable properties listed?
The list includes homes with similar very low assessed values, which helps establish a baseline for municipal valuation in various areas. More useful are the "For reference" and "Worth viewing" comparisons on Selkirk Avenue and nearby streets, which show a range of sizes, ages, and values, helping to contextualize this property's unique offering of large square footage at a lower entry point.

5. Does the unrenovated basement mean it's unfinished or unusable?
"Not renovated" strongly suggests the basement is in original or rough condition. It likely lacks modern finishes and may have moisture, insulation, or ceiling height considerations. It should be viewed as raw space with potential, but factoring in the cost of proper renovation is essential.