Property Overview: 47 McGill Avenue, Fort Richmond, Winnipeg
Section 1: Key Characteristics & Appeal
This one-storey home in Fort Richmond is defined by a compelling contrast: its living space is modest at just over 1,000 square feet, but it sits on an exceptionally large, private lot of over 8,300 square feet. Built in 1965, the house itself is functional, with a renovated basement and an attached garage, but the land is the standout feature. The lot size ranks in the top 4% on its street and the top 10% city-wide, offering rare potential for expansion, gardening, or outdoor living in a mature neighbourhood.
The appeal lies in this significant land value and the opportunity it presents. It suits two primary types of buyers: first, practical homeowners or downsizers looking for a manageable single-level layout on a low-maintenance, yet spacious property. Second, it’s ideal for visionaries or builders who see the long-term potential. The lot’s size is a future-proof asset, whether for a major addition, a new build, or simply as a generous private oasis that is increasingly hard to find. Its assessed value is consistently average for the area, suggesting the current price reflects the home more than the land’s premium potential, which could represent a strategic opportunity.
Section 2: Frequently Asked Questions
1. Is the house too small for a family?
While the main living area is below average in size for the neighbourhood, the renovated basement provides additional flexible space. The lot size is the true advantage here, offering ample room for children to play and for future expansion if needed.
2. What does the "renovated basement" include?
The listing notes a renovated basement but does not specify the finishes or layout. This is a key detail to clarify with the selling agent to understand if it’s a finished living space, a recreational room, or has separate entrance potential.
3. Why is the assessed value so much lower than the city-wide average home price?
The assessed value shown (around $40k) is likely the land and building assessment for municipal tax purposes, not the market value or sale price. Market value is determined by recent sales of comparable properties in the area.
4. What are the implications of such a large lot?
Beyond privacy and space, a lot of this size may offer flexibility for adding structures like a large shed or workshop, subject to local zoning bylaws. It also likely means higher property taxes relative to houses on standard lots in the same area, due to the higher land value assessment.
5. How does the age of the home (1965) affect things?
A home from this era may have older major systems (like plumbing, electrical, or the roof) that could require inspection or updating. However, it also typically comes with character, mature landscaping, and is situated in a well-established community with known amenities and services.