Property Overview: 532 Mcadam Avenue, Winnipeg
Section 1: Key Characteristics & Appeal
This one-and-a-half storey home, built in 1917, presents a practical and affordable entry point into Winnipeg’s Jefferson neighbourhood. Its key characteristics include a modest 975 sqft of living space and a renovated basement, situated on a standard city lot with a detached garage. The home’s assessed value is notably below average for its area, which is a defining feature.
The primary appeal lies in its value proposition. It is a home with lower carrying costs, suited for a first-time buyer, an investor, or someone seeking a simplified lifestyle without a large mortgage. Its renovated basement adds functional living space, a significant plus for a home of this era. A thoughtful perspective is that this property represents the "bones" of the neighbourhood—a classic, no-frills Winnipeg home that offers the chance to live in the community while keeping financial overhead low. It would suit a hands-on buyer comfortable with the maintenance considerations of an older home, or an investor looking for a stable rental property in an established area.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than the city average?
This is common for older, more modest homes in established neighbourhoods. The assessment reflects factors like the home's age, size, and recent sale prices for similar properties in the immediate area, not the city-wide luxury market.
2. What should I know about a house built in 1917?
While the basement has been renovated, a home of this age will have the characteristic charm and potential upkeep needs of its era. A thorough inspection is advised to understand the condition of original elements like wiring, plumbing, and the foundation.
3. How does the living space compare to the neighbourhood?
At 975 sqft, the living area is slightly below the average for similar homes in Jefferson. This indicates a compact, efficient layout rather than a sprawling one, which aligns with the home's overall value-focused profile.
4. The last recorded sale was between $16.5k-$19.5k in 2016. What does that mean for today's price?
That historical price is not indicative of current market value. It serves as a point of reference for the property's history and assessment trajectory. The current market price will be determined by recent sales of comparable homes and present market conditions.
5. What are the advantages of a detached garage?
A detached garage offers flexibility—it can be used for vehicle storage, a workshop, or additional storage without impacting the main house's living space or noise levels. It can also be a simpler project to update or modify independently from the house.