Property Overview: 227 Leila Avenue, Margaret Park, Winnipeg
Key Characteristics, Appeal & Ideal Buyer
This home at 227 Leila Avenue presents a specific and compelling value proposition. Its key characteristic is a notably low municipal assessed value, ranking in the top 4% lowest on its street and top 8% citywide. This is paired with a generous, average-sized lot of just over 5,000 sqft. The living space (832 sqft) is modest and below area averages, and the 1947 build date indicates an older home likely requiring updates.
The primary appeal lies in its potential as a land-value opportunity or a foundational project. The significant gap between its assessed value and typical city home values suggests room for equity growth through renovation or redevelopment, making the substantial lot a key asset. It suits practical, value-driven buyers such as investors looking for a hold property, handy homeowners eager to customize a house to their taste over time, or those specifically seeking a lower ongoing property tax burden relative to lot size.
A less obvious perspective is its fit for a multi-generational planning strategy. The large lot in an established neighbourhood could allow for future additions or secondary suites, providing long-term flexibility that newer, denser subdivisions often cannot.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city average?
Assessed value is based on factors like home size, age, condition, and recent sales of comparable properties. The modest living area, older age, and likely original condition of this home contribute to its lower assessment compared to the citywide average, which includes many larger, newer, or renovated homes.
2. What does the sold price range (CA$150k–200k in 2021) indicate?
This public data range shows the home sold within that bracket a few years ago. Given the low assessed value, it confirms the property has been positioned at a more accessible price point, reflecting its status as a home that may benefit from modernization.
3. How should I interpret the "below average" rankings for living area and year built?
These rankings are comparative. They confirm this is a smaller, older home relative to most in Margaret Park and Winnipeg. For the right buyer, this translates to a lower entry point and a canvas for improvement, rather than a move-in-ready premium property.
4. Is the large lot size a major advantage?
Yes. With a lot size that is average for the street but generous by today's standards, it provides valuable outdoor space, potential for gardening, parking, or future expansion. This is a key feature that adds long-term utility and value not fully captured in the current assessment.
5. How do I find out the exact historical sold prices?
The exact sold prices are not public record in Manitoba. As noted on the detail page, you can request this information directly via email from the site; they provide the accurate figures manually without using your email for unsolicited marketing.