Property Overview: 875 Magnus Avenue
Key Characteristics & Buyer Profile
This is a compact, one-storey home built in 1914, situated on a standard-sized lot in Burrows Central. Its key appeal lies in its position as an accessible entry point into the Winnipeg market. The home presents a straightforward, no-frills opportunity: it has a functional layout with 836 sqft of living space and an unrenovated basement, but no garage or pool. The recent sale price and assessed value are significantly below city-wide averages, highlighting its affordability.
The property would suit a first-time buyer, an investor, or a hands-on individual looking for a low-cost footprint in the city. Its value is primarily in the land and the structure's potential, rather than in move-in-ready finishes. A thoughtful perspective is that while its metrics (like living area and year built) are average or below for the immediate area, this actually underscores the neighbourhood's overall affordability and makes the home a typical example of the local housing stock, not an outlier. It’s a practical choice for someone whose priority is securing an address within city limits to build equity, with the understanding that updates will be part of the journey.
Frequently Asked Questions
1. Is the basement finished or usable for storage?
The listing specifies the basement exists but is "not renovated." Buyers should anticipate an unfinished space that may be suitable for utilities and storage, but likely requires inspection for moisture issues and overall condition common in century-old homes.
2. How does the lot size compare to others?
At 2,727 sqft, the lot is around average for Magnus Avenue and Burrows Central, but is less than half the size of an average city-wide lot. This means outdoor space is modest but typical for the inner-city neighbourhood.
3. The home was just sold in 2024. What does that indicate?
The recent sale suggests a quick turnaround, which is common for affordable, entry-level properties. It could indicate an investor purchase, a estate sale, or a buyer who reassessed their plans. Reviewing the sale history and any new listings for changes can provide context.
4. The assessed value seems very low. Why?
The assessed value is for taxation purposes and is often much lower than market value, especially for older homes in affordable neighbourhoods. The recent sale price of $100k is the more relevant figure for understanding current market value.
5. What are the implications of the "below average" rankings for assessed value and sale price?
These rankings confirm the home is in a more affordable tier of the market. While it means lower property taxes, it also reflects the home's condition, size, and location. It signals a property where future value growth will be tied more to broader market trends and any improvements made, rather than inherent premium features.