Property Overview
This one-storey home on Magnus Avenue presents a specific and straightforward opportunity. Its key characteristic is its proportion: a notably large 3,583 sqft lot paired with a modest 534 sqft living area built in 1905. The appeal lies almost entirely in the land itself and the potential it represents. With a detached garage and a very low assessed value, it functions as a blank canvas.
It would best suit a buyer with a clear vision and the means to execute it. This includes builders or developers looking for a lot to build new, handy homeowners planning a significant expansion or full rebuild, or investors seeking a low-entry-cost property with future redevelopment potential. It is not suited for someone seeking a move-in-ready or traditionally proportioned home.
Frequently Asked Questions
1. Is this a teardown property?
While structurally sound, the home's very small size and age mean most buyers would consider significant renovation or full redevelopment. The value is primarily in the land.
2. Why is the assessed value so much lower than typical city homes?
The assessment reflects the current state and size of the 534 sqft dwelling. It does not capture the future potential of the large lot, which is the property's main asset.
3. What are the major considerations for renovating or rebuilding?
Key factors will be the cost of bringing a 1905 structure up to modern code versus rebuilding, along with checking specific zoning bylaws for lot coverage, setback requirements, and permissible building types for the neighbourhood.
4. How does the lot size compare to the area?
The lot is above average for both Magnus Avenue and the broader Burrows Central neighbourhood, which is a significant advantage. It offers more outdoor space and redevelopment flexibility than many nearby properties.
5. What does the sale history indicate?
The previous sale in 2021 was at a very similar price to the current assessed value, suggesting a stable, land-value-based market for this specific property type in recent years.