502 Bannatyne Avenue – Property Summary

Key Characteristics & Buyer Suitability

This 1907 home in West Alexander offers 1,564 square feet of living space, which ranks in the top 20% on its street and top 27% citywide—genuinely generous for the area. The assessed value is $139,000, well below both the street average of $210,600 and the citywide average of $390,100. That low assessment, combined with an older construction year (1907) and a land area of 2,871 square feet (smaller than typical for the neighbourhood), points to a property that likely needs work or updates but comes with a relatively low entry price.

The appeal here is straightforward: you get above-average interior space for below-average cost. This suits buyers who are comfortable with an older home and either have renovation skills or a realistic budget for updates. It’s less suited to someone looking for a turnkey property or a large lot. The home sits in a denser, older part of the city where smaller lots are common, so the land size is consistent with the area’s character. For an investor or first-time buyer willing to put in sweat equity, the gap between the assessed value and the citywide average suggests potential upside if the interior and systems are brought up to date.

Five Frequently Asked Questions

1. Why is the assessed value so low compared to the city average?
The home is older (1907) and sits on a smaller-than-average lot. Assessment values in Winnipeg are based on recent sales data, physical condition, and comparable properties. At $139,000, the assessment likely reflects both the age and any deferred maintenance, as well as the fact that West Alexander has lower average values than many newer suburbs.

2. Is a 1907 home likely to have major structural or systems issues?
Not necessarily, but it’s worth investigating. Homes from that era often have solid framing and good materials, but plumbing, electrical, insulation, and foundation work may be dated. A thorough home inspection is essential. The upside is that many older homes in this neighbourhood have been updated over time, so the actual condition can vary widely from the assessment alone.

3. How does the living area compare to other homes in the area?
It’s well above average. On Bannatyne Avenue, the typical home has about 1,150 square feet; this one offers 1,564. That extra space is a real advantage, especially if you’re looking for room to grow without moving to a different street or neighbourhood.

4. Does a low land area make this a bad investment?
Not necessarily, but it depends on your goals. Smaller lots keep the purchase price lower and require less upkeep. If you’re not interested in a large yard or future subdivision, this could be perfectly fine. However, if you’re hoping for significant land appreciation or the option to expand the footprint, the 2,871-square-foot lot is more limited than what you’d find in newer or more suburban areas.

5. What kind of buyer would get the most value from this property?
Someone who values interior square footage over lot size and isn’t afraid of an older home. First-time buyers looking for a project, investors targeting rental income in a central neighbourhood, or anyone who prefers the character and walkability of older urban areas would likely find this property worth a close look. It’s a practical entry point, not a prestige purchase.