1581 Magnus Avenue

Property Overview

This is a modest, one-storey home on a generous lot in Winnipeg's Burrows-Keewatin neighbourhood. Built in 1947, the house itself is compact at 700 sq ft, but it sits on a notably large, 4,770 sq ft lot that ranks well above average for its street. It features a detached garage and has no basement. The home last sold in 2020 for $15,500 and currently holds an assessed value of $170,000, which is around average for the immediate area but below the wider city average.

Key Characteristics & Appeal

The primary appeal of this property lies in its land. The lot size is a significant asset, offering ample outdoor space and potential in a city where lot sizes are typically smaller. This makes it an interesting proposition for a buyer with vision—someone looking for a starter home with room to expand, add a garage suite, or simply enjoy a larger yard. The compact, no-basement house suggests lower utility costs and minimal upkeep, which could suit a first-time buyer, an investor looking for a manageable rental, or someone seeking an affordable entry into the market with a focus on land value over living space. It’s a pragmatic choice for those who prioritize lot size and location within their budget over move-in-ready size or modern finishes.

Frequently Asked Questions

1. Why is there such a large difference between the recent sale price and the current assessed value?
The 2020 sale price of $15,500 is unusually low and not reflective of typical market value. It may have been a non-arms-length transaction (e.g., between family members) or sold under specific, non-standard conditions. The assessed value of $170,000 is a more current, municipal valuation for taxation purposes and is a better baseline for market comparison.

2. What are the implications of having no basement?
This means all mechanical systems (furnace, water heater) and living space are on the main floor. It can simplify maintenance and eliminate concerns about basement flooding, but it also reduces storage and potential for finished below-grade space. Heating costs in winter may be a consideration due to the lack of a subterranean buffer.

3. How does the large lot size affect my costs?
While providing valuable space, a larger lot can mean higher municipal taxes (as land value is a key component) and increased responsibility for maintenance like lawn care, landscaping, and snow clearing. It's an asset that comes with ongoing upkeep.

4. Is this a good candidate for a major renovation or addition?
Potentially, yes. The generous lot provides the physical space to expand the footprint of the home, which the small living area may necessitate for many buyers. Any plans would need to comply with local zoning bylaws regarding setbacks and lot coverage, so checking with the city is an essential first step.

5. The rankings show the living area is "below average." How significant is this?
The 700 sq ft living area is notably compact, even compared to other homes on the same street. Buyers should be prepared for a cozy living arrangement, likely with fewer or smaller rooms. This emphasizes the property's nature as a land play or a project, where the existing house serves as a foundation to build upon, either immediately or over time.