Property Overview: 1571 Manitoba Avenue, Winnipeg
Key Characteristics & Buyer Appeal
This is a modest, one-storey home built in 1948, situated on a notably large lot. Its primary appeal lies in the land itself—at over 7,000 square feet, the property size is in the top 3% for the Burrows-Keewatin neighbourhood and the top 2% for Manitoba Avenue. This presents a significant opportunity for expansion, gardening, or future redevelopment, offering a level of space rarely found in the city core. The home itself is compact at 931 sqft, with no basement, garage, or pool, and reflects a lower assessed value compared to broader Winnipeg averages.
The property suits practical, forward-thinking buyers. It’s ideal for someone seeking an affordable entry into homeownership with a clear value proposition in the land, not the existing structure. It would also appeal to an investor or builder looking for a lot with potential, or to a buyer who values ample private outdoor space over a large interior. The recent sale history suggests a market value significantly below the citywide average, making it a project for those willing to invest in updates or a rebuild over time.
Frequently Asked Questions
1. What is the true value proposition here?
The value is almost entirely in the land. You are purchasing a large, urban lot at a price point far below the Winnipeg average. The existing house provides basic shelter but should be viewed as a starting point.
2. Is this a "tear-down" property?
Not necessarily, but it’s a strong candidate. The home's age, size, and lack of a basement mean a major renovation or full rebuild is the most likely path to modern comfort and maximizing the lot's potential. Its condition should be thoroughly assessed.
3. Who would this property not suit?
It is not suitable for buyers seeking a move-in-ready home, those who need substantial living space immediately, or anyone uncomfortable with taking on a major renovation or construction project.
4. How does the assessed value compare to the sale price?
The 2024 assessed value is $180k. The home last sold in 2022 for $222k and in 2020 for $180k. This indicates a market value that is stable but well below the citywide average, reflecting the property's current state as a land-value play.
5. What are the less obvious considerations?
Consider the full cost of developing the lot—including potential demolition, new construction, and utility connections. Also, research the neighbourhood's future plans and zoning bylaws to understand what you are allowed to build, as the large lot may offer flexible options not available elsewhere.