Property Overview & Key Characteristics
This one and three-quarter storey home on Elgin Avenue is defined by its remarkable contrasts. Its key appeal lies in possessing an exceptionally large living area and a generous lot in a central neighbourhood, all at a very low municipal assessed value.
The standout feature is the 2,343 sqft of living space, which ranks in the top 1-4% when compared to homes on its street, in Centennial, and across Winnipeg. This is paired with a 6,578 sqft lot that is also significantly larger than most local properties. However, the home itself is historic, built in 1886, and the basement is noted as unrenovated. There is no garage or pool. The current assessed value is notably low, creating a substantial gap between its tax valuation and its last sale price of $200k in 2016.
This property would primarily suit a specific type of buyer: value-driven renovators or builders who see potential where others might see only cost. It’s a prime candidate for a major renovation or a complete rebuild, offering the rare combination of a large, central lot and existing square footage to work with. The low assessed value suggests significant room for improvement, making it a project for someone focused on long-term equity creation rather than move-in-ready convenience. It may also attract investors looking for land value in an established area.
Frequently Asked Questions
1. Why is the assessed value so much lower than the last sale price?
Municipal assessments for tax purposes often lag behind market values, especially for unique properties or after significant market shifts. This gap can indicate a potential tax advantage in the short term, but buyers should base their offer on current market conditions and professional appraisals.
2. What does "one & 3/4 storey" mean for the layout?
This style typically features a main floor and a second floor where the rooms have sloped ceilings or dormers, meaning the full second story has less usable square footage than the main floor. The total living area is still very generous for the area.
3. Is the large lot size a benefit for future plans?
Absolutely. The lot is in the top tier for size locally, providing ample outdoor space and significant potential for additions, landscaping, or even future subdivision, subject to city zoning bylaws and approvals.
4. What are the main considerations with a home from 1886?
While offering character, a home of this age will likely require updates to wiring, plumbing, insulation, and the foundation to meet modern standards. The note about an unrenovated basement warrants a particularly thorough inspection for moisture and structural integrity.
5. How should I interpret the "Elite" rankings for living area alongside the "below average" rankings for year built?
This data clearly shows you are purchasing above-average space and land, but within a structure that is historically older than nearly all comparable properties. The investment thesis is centered on the underlying asset (the land and potential space) rather than the current condition of the building.