Key Characteristics & Buyer Profile

This is a 1,388 square foot home on a 2,489 square foot lot, built in 1914, located on Home Street in Winnipeg’s St. Matthews neighbourhood. Its main appeal is its very low assessed value—$105,000—which places it in the bottom 1% of properties on its street, in its neighbourhood, and across the entire city. For a buyer, this isn't a sign of a problem property so much as a clear indicator of severe undervaluation relative to the local market. Where comparable homes on the same street average $242,700 and the neighbourhood averages $205,000, this property sits at less than half those figures.

The living area is roughly average for its street and the city, and slightly above the neighbourhood average. The lot size is below street and city averages but essentially matches the neighbourhood norm. The home was built in 1914, making it older than the street and neighbourhood averages, but actually newer than the citywide average for comparable homes. This combination suggests a property with bones that are typical for the area, but an assessment that hasn't kept pace—either because of deferred maintenance, an unfinished interior, or a functional layout that doesn't command a premium. The buyer who would suit this property is someone looking to enter the market at the lowest possible entry point, who is comfortable with hands-on work or has cash reserves for renovation. It is not a turnkey home, and it will not appeal to someone seeking a mortgage-friendly "move-in ready" condition. However, for an investor looking for forced appreciation through sweat equity, or a first-time buyer who can afford repairs outside of financing, the upside potential relative to the street and neighbourhood averages is substantial.

Five Possible FAQs

1. The assessed value is $105,000, but the neighbourhood average is $205,000. Does this mean the home is in bad shape?
Not necessarily, but it likely means the property has significant deferred maintenance, an unfinished basement or attic, or an outdated interior that hasn't been updated in decades. Assessment values in Winnipeg reflect market value based on comparable sales, condition, and improvements. A gap this wide usually points to a property that needs substantial work before it can be financed conventionally or sold at market rate. A home inspection and contractor quotes are essential before making an offer.

2. Is the lot size a disadvantage at 2,489 sqft?
On Home Street, the average lot is 2,787 sqft, so this is about 11% smaller than neighbouring properties. However, within the St. Matthews neighbourhood, the lot is essentially average. If your goal is a garden, garage, or addition, you should physically walk the lot to confirm usable space—especially the width—since older homes on smaller lots can still have deep backyards. Citywide comparisons aren't useful here, as Winnipeg has a large suburban stock with much larger lots.

3. The property was built in 1914. Should I be worried about knob-and-tube wiring or lead pipes?
Very likely. Homes of this era in Winnipeg commonly have original knob-and-tube electrical systems, lead or galvanized water supply lines, and possibly asbestos in insulation or plaster. These are not automatic deal-breakers, but they are expensive to remediate. Confirm whether any electrical or plumbing upgrades have been completed. If not, factor in $5,000–$15,000 for basic rewiring and a water service upgrade, and more if full replacement is needed.

4. How does this property rank compared to others in the city for renovation potential?
If you look past the assessment rank (bottom 1%), the property's physical metrics are surprisingly average for the city. The living area ranks near the median, and the lot size is slightly below average. That means you're not starting with an exceptionally small or odd-shaped property. The challenge is the condition and age—not the dimensions. For an investor, this is a better risk than a property that's both small and rundown, because the finished product can compete with nearby renovated homes.

5. Can I get a standard mortgage for a property assessed this low relative to the neighbourhood?
Standard mortgage qualification is based on the purchase price and the appraised value—not the municipal assessment. If you buy at a price close to the assessment (say, $100,000–$110,000), and the home needs significant repairs, most lenders will require a condition report and may restrict financing. You may need a conventional down payment (20% or more) or a renovation mortgage product like CMHC’s purchase-plus-improvements program. A mortgage broker familiar with older homes in St. Matthews is recommended before you make an offer.