497 Neil Avenue

Property Overview: 497 Neil Avenue, Winnipeg

Key Characteristics & Appeal

This 1,075 sqft bungalow, built in 1955, sits on a notably large 7,695 sqft lot in the Munroe West neighbourhood. Its primary appeal lies in the generous outdoor space—the lot size ranks in the top 4% of the local area, offering rare potential for gardens, expansion, or simply more privacy than typical city lots. While the living space is modest and close to the neighbourhood average, the home's assessed value of $319k is well above the area average, suggesting the premium is for the land.

The property suits practical buyers who value space and potential over immediate turn-key condition. It’s ideal for someone looking for a solid post-war home with room to grow, whether that means adding a garage, creating extensive landscaping, or eventually extending the house itself. Its "younger" age compared to most on the street (top 4%) may also mean fewer immediate issues common to much older homes. This isn't a downtown luxury purchase; it's a grounded investment in space and neighbourhood character, likely appealing to first-time buyers seeking a footprint to build equity in, or downsizers wanting a manageable home with a large yard.

Frequently Asked Questions

1. Is the assessed value a reliable indicator of the likely selling price?
The assessed value ($319k) is a municipal estimate for tax purposes. Recent sold data shows it last sold between $300k-$350k in late 2023. Market conditions, property condition, and buyer demand will determine the final price, but the assessment provides a strong baseline.

2. How does the lot size compare to others nearby?
The lot is a standout feature. At 7,695 sqft, it is significantly larger than the Munroe West average (~4,815 sqft) and above the city-wide average. On Neil Avenue itself, it's about average, meaning the street is known for spacious properties.

3. What might "built in 1955" mean for maintenance?
Built in 1955, this home is newer than many in the area. This can be an advantage, potentially meaning updated electrical systems (like copper wiring) or plumbing compared to pre-war homes. However, a 71-year-old home will still require careful inspection of its roof, foundation, windows, and major mechanical systems.

4. The living area is noted as "above average" for Munroe West but "around average" city-wide. Why?
This highlights neighbourhood character. Munroe West has many smaller, often older homes. At 1,075 sqft, this property offers more space than most in the immediate area but is modest compared to the average Winnipeg home (1,342 sqft). It reflects the neighbourhood's more compact, established feel.

5. How can I verify the exact past sale prices?
The site provides sold price ranges for context. Due to industry rules, exact MLS sale figures are not published here. You can request the exact historical sold prices by email through the site's provided form for a manual lookup.