282 Toronto Street

Property Overview

This 1.5-storey home, built in 1905, is a classic Winnipeg character property in the St. Matthews neighbourhood. Its key appeal lies in a combination of established location, generous lot size, and clear value potential. With 1,180 sqft of living space and a full, unrenovated basement, it presents a solid foundation. The lot is a significant feature, ranking in the top 2% for size on its street, offering ample outdoor space uncommon in many older neighbourhoods.

The property suits two primary types of buyers: value-conscious investors or renovators looking for a "blank canvas" project with a strong land component, and first-time buyers seeking an entry point into a mature community who are willing to take on gradual updates. Its recent sale price is notably below the assessed values of many comparable nearby homes, suggesting it may be priced for the work required. The charm is in what it could become, rather than in immediate move-in readiness.

Frequently Asked Questions

1. What does "1.5 storey" mean for this home?
Typically, this style features a main floor with principal rooms and a second floor under sloped roof lines, often creating cozy bedrooms with character. It’s a common, efficient design for homes of this era.

2. The assessed value is much lower than nearby homes. Is this a concern?
Not necessarily. It often reflects the home’s current, unrenovated state. For a buyer, it can indicate a lower property tax base to start from, with the understanding that significant updates would increase its future assessed value.

3. What is the significance of the large lot size?
Beyond extra yard space, a larger lot in an established area is a permanent asset that adds long-term value and flexibility. It can allow for future additions, landscaping projects, or simply provides more light and privacy than neighbouring properties.

4. The basement is noted as "not renovated." What should I expect?
Prepare for a functional but dated space. It likely has foundational utility—laundry, storage, mechanical systems—but will require investment to modernize or finish. An inspection is crucial to confirm its condition and potential.

5. Who is the typical buyer for a home like this?
This property is ideal for a practical buyer who sees potential. It’s less suited for someone seeking a turn-key solution and more for a hands-on owner who values land size and location over immediate modern finishes, viewing the necessary work as a way to build equity.