Property Overview: 377 Gagnon Street, Winnipeg
Section 1: Key Characteristics & Appeal
This one-and-three-quarter storey home in Glendale is defined by its historic roots, practical lot size, and clear value position. Built in 1900, it is notably older than virtually all homes in its immediate area and across Winnipeg. With 1,024 sqft of living space, it is more compact than average for the neighbourhood. Its key appeal lies in its substantial, roughly 6,000 sqft lot—which is on par with area norms—and its very low municipal assessed value, indicating a correspondingly low property tax burden.
This property would suit a specific type of buyer: those seeking an entry point into homeownership with a focus on land value over living space, or an investor looking for a hold property with minimal carrying costs. It’s a straightforward project home, likely appealing to renovators who see potential in the existing structure or are considering the long-term value of the lot itself. Its age suggests character but also necessitates a thorough inspection and budget for updates or foundational maintenance. The appeal is pragmatic, centered on land and location rather than move-in-ready finishes.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than the city-wide average?
The assessed value is based primarily on the property's market characteristics—its age, size, and condition—relative to nearby sales. Its status as one of the oldest and smallest homes in the area directly results in this lower valuation, which translates to lower annual property taxes.
2. What does the "below average" ranking for living area mean for daily life?
With about 1,024 sqft, the home offers compact living. It’s efficient for one or two people but may feel cramped for a growing family, especially compared to the neighbourhood average of roughly 1,165 sqft. Storage and layout efficiency will be important.
3. Given the home's age, what should be the top inspection priorities?
Given it was built in 1900, a potential buyer should prioritize inspections of the foundation, roof structure, electrical wiring, plumbing, and insulation. These core systems often require significant updates in homes of this era.
4. How does the lot size compare, and what are the possibilities?
The lot is approximately 5,995 sqft, which is average for the street and area. This provides good outdoor space and potential for gardening, expansion (subject to zoning), or adding a detached structure like a garage or shed in the future.
5. The last recorded sale was in 2016 for a relatively low price. What does that indicate?
The 2016 sale price reflects the market value at that time for a home with these characteristics. It establishes a historical baseline but may not reflect current market conditions. The low historical price is consistent with the home's long-standing profile as a value-oriented property.