422 Bannatyne Avenue – Property Summary
Key Characteristics & Buyer Fit
This is a 2,486-square-foot home on a 2,986-square-foot lot, built in 1905 and located in Winnipeg’s West Alexander neighbourhood. Its standout feature is interior space: the living area ranks in the top 1% on the street and in the neighbourhood, and top 3% citywide. That’s more than double the average square footage of nearby homes. The assessed value is $293,000—above average for the street and neighbourhood, but well below the citywide median of $390,100. The land area is slightly smaller than average for both the area and the city.
The appeal here is straightforward: you get a lot of house for the money, especially relative to newer construction or tighter urban lots. The low citywide value ranking (bottom 73%) suggests the price reflects the home’s age and lot size rather than its interior footprint. That could mean room for value-add potential, though it also signals that the market doesn’t currently treat it as a premium asset. The year built (1905) places it among older homes on the street and citywide, so buyers should expect maintenance typical of a century-old structure—outdated systems, possible insulation issues, and character details that may need updating or preservation.
This property suits buyers who prioritize interior square footage above all else, and who are comfortable with an older home and a smaller lot. It may appeal to investors looking for a renovation project in an above-average-value area, or to families who need space but are priced out of newer, larger-lot homes elsewhere. It’s less suited to someone seeking a turnkey property, a large yard, or a location with high resale value relative to the city.
Five Possible FAQs
1. Why is the assessed value so much lower than the city average, given the large living area?
Assessed value weighs multiple factors—including land size, age, condition, and location—not just square footage. This home’s older construction, smaller lot (2,986 sqft vs. city average of 6,570 sqft), and below-average year built (1905 vs. city median of 1966) all pull the value down. The large interior space offsets this partially, but not enough to bring it to the city median.
2. Is the year built (1905) a dealbreaker?
Not necessarily, but it’s a factor to budget for. Many homes from this era have solid construction, but wiring, plumbing, insulation, and the roof are likely original or outdated. A thorough inspection is essential. The ranking shows it’s older than 85% of homes on the street and 98% citywide, so future repair costs could be higher than for a newer home.
3. How does the lot size affect usability?
At 2,986 sqft, the lot is about 25% smaller than the average on the street and 55% smaller than the city average. That means less yard space, potentially limited parking or expansion options, and less privacy from neighbours. It’s typical for an older urban infill lot, not a suburban property.
4. How does the property compare to others nearby in terms of bang for the buck?
It offers significantly more interior space than most homes on the street (2,486 sqft vs. street average of 1,150 sqft) for a value that’s 39% above the street average ($293K vs. $210.6K). That gives you roughly double the square footage per dollar on a street-level basis. But citywide, the value per square foot is lower than average due to the lot and age.
5. Who typically buys a home like this?
Typical buyers include renovators or investors who see upside in updating an older, spacious house in a neighbourhood where values are above the local average. Also families or individuals who want a large floor plan without paying for a large lot. It’s less common for first-time buyers unless they have renovation experience or a budget for repairs.