Property Overview: 566 Buckingham Road, Winnipeg
Section 1: Key Characteristics & Appeal
This property is defined by its exceptionally large, nearly half-acre lot (19,059 sqft), which is its most compelling feature, placing it in the top 2% of all Winnipeg properties for land size. The home itself is a modest, one-storey 1,067 sqft bungalow built in 1958, featuring a finished basement and a detached garage. While the house ranks as newer and larger than only a small percentage of its immediate street and community comparables, its city-wide land value is outstanding.
The primary appeal lies in the rare opportunity for expansive outdoor living, gardening, or future expansion in a well-established neighbourhood. It suits a specific buyer: someone who values land over a large or modern house. This could be a hands-on buyer looking for a long-term family home with immense yard space, a renovator who sees potential in the existing structure, or an investor attracted by the underlying land value in a mature area. A less obvious perspective is that the significant lot size offers a degree of privacy and buffer rarely found in the city, providing a sense of retreat without leaving Winnipeg.
Section 2: Frequently Asked Questions
1. Is the house in need of major updates?
Given its 1958 construction, buyers should budget for modernizing key systems (like plumbing, electrical, or windows) and interior finishes. The value here is predominantly in the land, with the house offering functional living space.
2. How does the assessed value relate to the asking price?
The municipal assessment is $424,000. A buyer should understand that this is for tax purposes and the sale price is market-driven. The significant lot size is a major factor that would likely command a premium above the assessment.
3. What is the potential for subdividing the lot or adding a secondary suite?
This is a key question given the lot's size. Any subdivision or development would require investigation with the City of Winnipeg's planning department for zoning bylaws, which would determine feasibility.
4. What are the annual property taxes?
Prospective buyers should contact the City or their agent for an exact tax figure based on the current assessment to accurately calculate carrying costs.
5. Why is the house's size and age ranking low in the neighbourhood?
The Eric Coy area has many similar-era bungalows, but this specific home is on the smaller and older side compared to others on its street. This reinforces that the property's standout feature is not the structure, but the land it sits on.