Property Overview: 204 Leila Avenue, Winnipeg
Section 1: Key Characteristics & Appeal
This is a compact, one-storey home in Winnipeg's Jefferson neighbourhood, built in 1947. Its key characteristic is its exceptionally low financial barrier to entry, with an assessed value significantly below local and city-wide averages. The living space is modest at 609 sq ft, placing it among the smallest homes in comparison groups, but it sits on a standard-sized lot of just under 5,000 sq ft.
The primary appeal lies in its potential as an affordable entry point into homeownership or as a strategic investment property. It suits buyers with very limited budgets, investors looking for a low-cost rental property, or those interested in the value of the land itself for future redevelopment. A less obvious perspective is its appeal to minimalists or those seeking a lifestyle unburdened by high housing costs, where the focus is on location and lot rather than interior space. The detached garage adds practical utility often missing in this price range.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than other homes?
The assessed value reflects the property's very small size (609 sq ft) and age. It is priced as a basic, no-frills structure, with the value heavily weighted toward the land component.
2. Is this a "teardown" or a liveable home?
While the data suggests it's a functional house, its size and valuation indicate it may be dated or in need of updates. It could be a liveable starter home for the right buyer, but its long-term potential may indeed be as a land investment.
3. What are the ongoing costs like?
Property taxes would be very low due to the low assessed value, a significant financial advantage. Utility costs for heating and maintaining a small, older home should also be relatively modest.
4. How does the recent sale history affect its value?
It last sold between $9.5k-$12.5k in 2019. This history confirms its position as an ultra-affordable property and suggests any appreciation will be tied to land value or significant improvement, not the structure itself.
5. Who would this property not suit?
It would not suit families needing space, buyers unwilling to handle potential renovations, or those seeking a home that will see rapid appreciation based on the existing structure. It is a pragmatic purchase, not a turn-key family home.