Property Overview & Appeal
This one-storey home on a large 5,275 sqft lot in Burrows Central presents a specific and compelling opportunity. Its key characteristic is the significant disconnect between its modest, unrenovated 956 sqft structure and the substantial value of its land. Built in 1966, the house features a detached garage and an unfinished basement, positioning it firmly as a fixer-upper or a land-value play.
The primary appeal lies in its lot size, which ranks in the top 10% for the street and top 9% for the neighbourhood—a rarity that offers potential for expansion, gardening, or future redevelopment. The home last sold in 2021 for $360k, a price that was well above average for the immediate area, suggesting strong underlying value or investor interest. This property would suit a buyer looking for a canvas—whether that’s a hands-on renovator seeking to modernize a home with ample yard space, or a strategic buyer viewing it as a long-term land asset in a central Winnipeg neighbourhood. It’s less suited for someone seeking a move-in-ready home without renovation plans.
Frequently Asked Questions
1. Is the $19,400 assessed value an accurate reflection of the property's worth?
No, the assessed value for tax purposes is significantly lower than market value, as demonstrated by the 2021 sale price of $360k. It primarily reflects the value of the unrenovated structure and land for municipal tax calculations, not resale value.
2. What does the "top 9% for land area in the neighbourhood" ranking actually mean?
It means this property's lot is larger than 91% of the 1,800 comparable lots in Burrows Central. With over 5,200 sqft, it offers considerably more outdoor space than the neighbourhood average of about 3,500 sqft.
3. The house seems small relative to the lot. What are the implications?
The large lot-to-house ratio is the property's defining feature. It provides room for major additions, a new garage, or extensive landscaping. For the right buyer, this is the main asset, as the existing house may be viewed as a placeholder.
4. How does the 2021 sale price compare to the city-wide average?
While the sale was well above average for the street and neighbourhood, it was around the median (top 50%) for the entire city of Winnipeg. This indicates buyers are paying a premium for this specific location and lot size within its local market.
5. Are the compared nearby properties with similar assessed values good indicators?
Not for market value. The listed "similar assessed value" properties are condominium units, which have a completely different value structure. For a true comparison, look at the "Nearby properties" or recent sales of single-family homes in Burrows Central.