Property Overview: 130 Riel Avenue, Winnipeg
Section 1: Key Characteristics & Appeal
This home presents a distinct profile defined by its modest scale and significant lot size. Its 650 sqft living area is notably compact, ranking it among the smallest homes in its immediate area and city-wide. Built in 1942, it is a character property with considerable age. The primary standout feature is its 5,999 sqft lot, which is proportionally very generous for the home's size and is around the average for the neighborhood. The assessed value is low relative to the street and area, but aligns more closely with the city-wide average for comparable properties.
The appeal lies in a clear value proposition: a low entry point into homeownership with land potential. It suits a specific buyer: someone seeking an affordable footprint, comfortable with a renovation or maintenance project inherent to an older home, and who values outdoor space over interior square footage. A thoughtful perspective is that this could be a strategic "land play" for a buyer with future expansion in mind, or for an investor seeking a rental property with lower upfront costs and a manageable scale. It is less suited for those requiring move-in-ready finishes or spacious, modern interiors.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than the last sold price range?
Assessed values in Manitoba are primarily for municipal tax purposes and may not reflect current market value. The last sale (2019) fell between $250k-$300k, which is the more relevant indicator of its market price, while the $30.4k assessment is a tax valuation.
2. Given its age, what should I be most concerned about?
A home built in 1942 will likely have older major systems (like plumbing, electrical, and the foundation). A thorough inspection is essential to understand the condition and anticipate potential updates or repairs needed for safety and efficiency.
3. The home is very small. Is there room to expand?
The lot size is a key asset here. At nearly 6,000 sqft, there is significant outdoor space, suggesting potential for an addition or renovation to increase living area, subject to local zoning and permit approvals.
4. How does the sold price compare to the neighborhood?
The previous sale price range ($250k-$300k) ranked in the top 94% on its street and top 96% in the Minnetonka area, meaning it was historically priced higher than most immediate neighbors. This suggests the property may have perceived value or features not fully captured by the basic metrics.
5. Where can I see more context about this specific location?
You can open the dedicated neighbourhood analysis page to view this property on a map alongside nearby houses, allowing for a detailed visual comparison of year built, lot size, and other metrics with its direct neighbors.