Property Overview: 858 Magnus Avenue
Key Characteristics & Appeal
This two-storey home at 858 Magnus Avenue is a notably modern property within its established Burrows Central neighbourhood. Built in 2021, its age is a standout feature, ranking in the top 1-2% of homes on its street and in the wider area, where the average home was built in the 1930s. This offers a significant advantage in terms of modern building standards, energy efficiency, and minimal immediate maintenance.
With 1,372 sqft of living space, the home provides above-average roominess for the local area. The land size is a standard city lot, typical for the neighbourhood. A key feature is the renovated basement, adding valuable finished space. There is no garage or pool.
The appeal lies in acquiring a like-new home without the premium often associated with brand-new subdivisions. It suits first-time buyers seeking a move-in-ready property without the worries of an older home, or investors looking for a modern rental asset in a long-established community. It’s a practical choice for those who value contemporary interiors and systems but want to be part of a mature neighbourhood with character, rather than a developing area.
Frequently Asked Questions
1. Why is the assessed value so much higher than nearby older homes?
The assessed value reflects the property's new construction. Modern materials, current building codes, energy-efficient systems, and the lack of depreciation or needed repairs contribute to a higher valuation compared to century-old homes in the area.
2. What does "renovated basement" likely include?
While specifics should be verified, in a 2021 home this typically indicates the basement was fully finished at build time or shortly after. Expect insulated walls, proper flooring, ceiling finishes, and legal egress, making it comfortable living or recreational space.
3. Is the lack of a garage a major drawback?
This depends on lifestyle. For many in urban neighbourhoods, on-street parking is the norm. The trade-off is a larger lot with more yard space and no driveway maintenance. Buyers with multiple vehicles or who require secure storage should consider this factor.
4. How does the sale history affect value?
The home sold in August 2021 for $33.80k, very close to its current assessed value of $34.80k. This stable history suggests the assessment is grounded in a recent, arms-length transaction, providing a clear benchmark.
5. What are the less obvious benefits of a new home in an old neighbourhood?
Beyond modern amenities, you benefit from established infrastructure—mature trees, fully developed parks, and settled community dynamics. Utility connections and street layouts are long proven, and you avoid the construction phase and landscaping costs common in new subdivisions.