Property Overview
572 Mcadam Avenue is a compact, one-storey home in Winnipeg's Jefferson neighbourhood. Built in 1924, its key characteristic is its modest 560 sqft of living space, which is significantly smaller than most area homes. It sits on a roughly 3,000 sqft lot and features a detached garage. The home's assessed value is notably low, reflecting its size and age.
Its primary appeal lies in its position as one of the most accessible entry points into home ownership in the city. The very low property taxes, resulting from the low assessment, are a major financial benefit. This property would suit a highly budget-conscious first-time buyer, an investor looking for a straightforward rental property, or someone seeking a minimal footprint without condo fees. It’s a practical choice over a glamorous one, offering ownership at a threshold close to renting.
A less obvious perspective is that a home of this size and vintage forces a simplified lifestyle, which can be a deliberate advantage for the right person. Additionally, its "below average" metrics across the board present a clear-value proposition with little premium paid for location or condition, allowing a buyer to define its future value through renovation or holding.
Frequently Asked Questions
1. Why is the living space so much smaller than nearby homes?
At 560 sqft, this is a historically small, century-old home. Its size ranks in the bottom 1% compared to other homes on its street, in Jefferson, and across Winnipeg, representing a very compact floor plan.
2. What are the main financial advantages of such a low assessed value?
The primary benefit is proportionally low municipal property taxes. With an assessed value of $20,300—ranking in the bottom 10-15% for the area—the annual tax burden will be minimal compared to larger homes.
3. Is this a good candidate for a renovation or expansion?
The 102-year-old structure will require a thorough inspection. However, the lot size (2,998 sqft) is adequate relative to the house, potentially allowing for an addition or reconfiguration, subject to zoning and budget.
4. How does the recent sale price compare to the assessed value?
The home sold in May 2023 for an estimated $16.5k-$19.5k, which aligns closely with its current assessed value of $20.3k. This suggests the assessment is grounded in its recent market transaction.
5. Who would this property not be suitable for?
It would not suit buyers needing multiple bedrooms, dedicated workspaces, or ample storage. The limited square footage demands efficient use of space and likely compromises on room size and layout flexibility typical of modern expectations.