Property Overview & Key Characteristics

This 1928 one-storey home on Victoria Avenue West presents a classic Winnipeg character property with significant potential. Its primary appeal lies in the combination of a generous 3,700 sqft lot in the established Victoria West neighbourhood and a modest, original 688 sqft living footprint. This creates a clear value proposition: you are purchasing land and location with a liveable structure, rather than a finished product.

The home suits two main types of buyers. First, it's ideal for a hands-on buyer or renovator looking for an entry point into a desirable area, willing to update the home over time. The large lot offers room for future expansion, a garden, or outdoor living space. Second, it could suit an investor seeking a stable, long-term holding with a tenant-occupiable property, given its recent sale history and functional basics like a detached garage and unrenovated basement.

A less obvious perspective is its statistical standing. While the home itself is smaller than most in the city (ranking in the top 4% for compact size), its lot size ranks in the top 22% for Winnipeg, highlighting the land-to-building ratio. The assessed value has remained remarkably stable, suggesting a solid foundational value in the area.

Frequently Asked Questions

1. What does "basement, not renovated" typically mean for a home of this era?
It indicates the basement is likely functional for storage and utilities but retains its original finishes, such as concrete floors and older insulation. It presents both a blank canvas and a potential future project for additional living or storage space.

2. The living area is quite small compared to the lot size. What are the implications?
This is the key feature of this property. It means the home itself is cozy and efficient, but the large lot provides valuable outdoor space and a significant opportunity for future expansion, subject to local zoning and permit approvals.

3. How does the recent sale price compare to the current assessed value?
The home sold for $24,500 in November 2022, and its current assessed value is $25,300. This close alignment suggests the market and city assessment see consistent, stable value in the property, with minimal speculative fluctuation.

4. The home is nearly 100 years old. What should I prioritize in an inspection?
Beyond standard inspections, focus on the foundational integrity, the state of original plumbing and electrical systems, and the roof. For homes of this age, the quality of any past maintenance is more critical than the age itself.

5. The listed "comparable" homes have more living space. Is this a fair comparison?
The comparisons are based primarily on location and assessed value, not size. This underscores that you are looking at a property valued for its lot and neighbourhood. For a true comparison of living space, you would need to look at similarly sized homes, which are less common in the area.