Property Overview: 854 Magnus Avenue
This one-and-a-half storey home, built in 1912, presents a practical opportunity in Winnipeg's Burrows Central neighbourhood. Its key appeal lies in its above-average living space relative to the immediate area, paired with a very modest municipal tax assessment. The home sits on a standard city lot and has an unrenovated basement. Recent sale prices have been significantly lower than both the Winnipeg average and the home's historical sale value, positioning it as an entry-point property.
Key Characteristics & Ideal Buyer
The home's primary characteristic is its proportion: at 1,340 sqft, it offers substantially more living area than most neighbouring homes, which average just over 1,000 sqft. This makes it a notably spacious option within its specific locale. However, its age and condition are reflected in its low assessed value ($18.3k) and recent sale price ($19.5k in 2022), which is a fraction of the citywide average.
Its appeal is grounded in affordability and potential. It suits a buyer with renovation skills or a willingness to invest sweat equity over time, or an investor looking for a low-cost entry into the market with a focus on land value and future improvement. It is less suited for someone seeking a turn-key or modern home. A thoughtful perspective is that this property represents a specific segment of the market where value is decoupled from recent citywide price trends, offering shelter and space at a minimal property tax burden, but requiring capital and vision for updates.
Frequently Asked Questions
1. Why is the recent sale price so much lower than the sale in 2016?
The 2016 sale price of $100k was already below area averages at the time. The sharp decrease to $19.5k in 2022 likely reflects the home's condition, specific market factors at the time of sale, and its very low assessed value for tax purposes.
2. What does "above average" living area actually mean for this neighbourhood?
It means the home has about 300-400 more square feet of living space than the typical home on Magnus Avenue and in Burrows Central. This is a significant functional advantage in an area where many homes are under 1,000 sqft.
3. Is the low assessed value a positive?
It has two sides. It results in very low municipal property taxes, which is a financial benefit for the owner. However, it is also a strong indicator that the city assesses the property as requiring substantial improvement, which aligns with the note of an unrenovated basement.
4. What should I make of the "below average" citywide rankings for land and year built?
The lot size is typical for an older central neighbourhood but is below the Winnipeg average, which is skewed by newer suburban lots. The 1912 build date simply means it's an older character home that will require attention to systems like wiring, plumbing, and insulation.
5. Who would this property not suit?
It would not suit buyers who cannot handle a major renovation project, need immediate move-in condition, or are counting on rapid appreciation based on existing finishes. Its value proposition is long-term, based on affordable entry and incremental improvement.