489 Almey Avenue

Property Overview: 489 Almey Avenue, Winnipeg

Key Characteristics & Appeal

This home presents a distinct value proposition centered on its exceptional lot size. Built in 1971, the 1,188 sqft house sits on over 51,000 sqft of land (approximately 1.17 acres), which is in the top 1% of properties both in the Peguis area and citywide. This extraordinary land parcel offers rare potential for privacy, expansion, gardening, or recreational space within the city.

The appeal lies in a clear trade-off: you are acquiring a significant parcel of land with a modest, older home. The assessed value of $530k is above average for both the wider city and the Peguis area, indicating the premium is placed on the land itself. The living space is below average for the immediate street and neighborhood, suggesting the house may require updates or is suited for those with simpler spatial needs.

This property would best suit a buyer whose priority is land over a turnkey, modern home. It’s ideal for someone seeking long-term potential—whether for future building, extensive outdoor use, or as a land investment—and who is comfortable with a home that is functionally sound but may reflect its era. It is less suited for buyers seeking maximum interior square footage or a newer build without renovation plans.

Frequently Asked Questions

1. Is the high assessed value driven by the house or the land?
The data strongly suggests the land. The assessed value is above average for the city, but the living area is average city-wide and below average for the neighborhood. The "Elite" ranking for lot size confirms the land is the primary contributor to the valuation.

2. How does the home's age affect its condition and value?
At 55 years old, the home is older than most in the Peguis area. Buyers should budget for age-related maintenance, potential updates to systems, and consider a thorough inspection. The value is insulated by the land, but the house itself may require investment.

3. What does the sold price history from 2016 indicate?
The home sold for between $350k-$400k in late 2016. The increase to the current $530k assessment highlights significant appreciation over eight years, consistent with broader market trends and underscoring the enduring value of large lots.

4. Are there any development restrictions or bylaws for a lot this size?
This is a critical question. A lot of this size in a city neighborhood may have specific zoning bylaws governing subdivisions, secondary suites, or outbuildings. Due diligence with the city planning department is essential to understand the full potential of the land.

5. How does the property compare to others on the same street?
On Almey Avenue, this home has a larger-than-average lot (ranked 10th of 54) but a smaller-than-average living area (ranked 46th of 54). This indicates it is a unique offering on the street, with more land but less house than most of its immediate neighbors.