Property Overview: 1071 Magnus Avenue, Winnipeg
Section 1: Key Characteristics & Appeal
This is a compact, century-old (built 1923) one-storey home in Winnipeg's Burrows Central neighbourhood. Its key characteristic is its modest scale: with 671 sqft of living space on a 1,866 sqft lot, it is notably smaller than most homes on its street, in the area, and across the city. This is reflected in its very low municipal assessed value.
The primary appeal lies in its position as an entry-point property or a strategic land investment. For a buyer with minimal space needs or a hands-on renovator, the small size represents a manageable project with lower property tax and utility costs. The lot, while below average for the area, still offers potential for outdoor space in a central location. It would best suit a very budget-conscious first-time buyer, an investor looking for a straightforward rental property, or someone interested in the underlying land value for future redevelopment, given the neighbourhood's established character.
A less obvious perspective is that a home of this age and size, while requiring attention, offers a tangible piece of the city's housing history and represents a truly minimalist urban footprint. Its sale history suggests it trades more on its fundamental utility and location than on comparative market trends.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than the city-wide average?
The assessed value is based heavily on the property's specific characteristics—namely, its very small living area and lot size compared to the Winnipeg average. It is assessed in line with similar, very modest homes in its immediate area.
2. What should I budget for renovations or updates?
As a home built in 1923, prospective buyers should budget for updates to major systems like plumbing, wiring, and insulation. A thorough inspection is essential to understand the scope and prioritize modernizations while preserving the home's character.
3. Is the land large enough for an addition or rebuild?
The lot is smaller than most in Burrows Central. Any plans for a significant addition or rebuild would require careful review of the City of Winnipeg's zoning bylaws for lot coverage, setbacks, and permissible building size.
4. What is the neighbourhood like?
Burrows Central is a mature, established neighbourhood. The property's metrics show it is among the more modest homes in the area, suggesting a diverse streetscape. Researching local amenities and community initiatives would provide a clearer day-to-day picture.
5. How does the recent sale price compare to the assessment?
The home last sold in September 2020 for $13,200k, which was above its assessed value at that time. This indicates the market price can differ from the municipal assessment, which is for taxation purposes and may not capture all market dynamics at the time of sale.