Property Overview: 503 Jamison Avenue, Winnipeg
Key Characteristics & Appeal
This is a compact, one-storey home built in 1914, presenting a straightforward and affordable entry point into Winnipeg’s Chalmers neighbourhood. With 600 square feet of living space, it is notably smaller than most homes in the city, ranking in the bottom 12% for size. Its primary appeal lies in its low financial barriers: the property has a very modest assessed value and sits on a manageable 2,543 sqft lot. A detached garage adds practical utility.
The home suits specific buyer profiles perfectly. It’s a candidate for a first-time buyer or investor seeking a low-cost footprint with renovation potential, where the value is in the land and the structure’s simplicity. It could also appeal to someone looking to minimize living space and associated costs. A less obvious perspective is its potential as a strategic hold in an area where newer, larger homes are being built nearby, as seen with comparable recent sales on the same street. This suggests the neighbourhood is in a state of transition, which could influence future values.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city average?
The assessed value reflects the home’s older age, very small size, and basic characteristics compared to the broader Winnipeg market. It is consistent with values for smaller, legacy homes in the area.
2. What type of renovation or work should I anticipate?
Given its age (112 years), buyers should budget for potential updates to foundational systems like wiring, plumbing, and insulation. The compact size may make renovations more manageable in scope but requires efficient design planning.
3. Is the small lot size a disadvantage?
While below the city average, the lot is near the average for Jamison Avenue itself. It offers lower maintenance and may be sufficient for those not seeking extensive outdoor space. The presence of a detached garage on this size lot is a positive use of the space.
4. Who are the typical buyers in this area now?
The neighbourhood shows signs of change. Direct comparisons on the street include homes built in 2018 and 2024, indicating new construction alongside older homes like this one. This attracts a mix of buyers seeking affordability and builders or buyers looking for redevelopment opportunities.
5. How does the last sale price from 2020 relate to today’s value?
The 2020 sale price of $110k provides a historical benchmark, but market conditions, interest rates, and the specific condition of the home have likely shifted since then. Current value would be determined by its assessed value, recent comparable sales, and present market demand.