513 Bannatyne Avenue – Property Summary
Key Characteristics & Ideal Buyer
This 1,420 sqft home, built in 1897, sits on a 3,005 sqft lot in the West Alexander neighbourhood. Its standout feature is its size: the living area ranks in the top 26% on its street and top 35% citywide, offering more interior space than many comparable homes. The assessed value is $192,000—roughly average for the street and neighbourhood but well below the citywide average of $390,100, which points to a property that may be undervalued relative to its square footage.
The land is a different story. The lot is smaller than typical for both the area and the city, ranking in the bottom third. The home’s age (1897) is also well below average, even for an older inner-city neighbourhood like West Alexander. This means a buyer should expect a property with a longer maintenance history and potentially more work ahead.
Where this property appeals is for someone who values interior space over yard size, and who sees potential in an older home at a relatively accessible price point. It would suit a buyer comfortable with the character and quirks of a century-old structure, and who might be looking for more square footage than similarly priced options elsewhere in the city. It’s less ideal for someone prioritizing a large outdoor area or a turnkey, low-maintenance property.
Frequently Asked Questions
1. How does the assessed value compare to similar homes nearby?
The assessed value is $192,000, which is slightly below the street average of $210,600 and close to the neighbourhood average of $187,300. Citywide, it’s far below the $390,100 median—but that’s largely because many city homes are newer and in different areas. Within its immediate context, the value is not unusually low.
2. Is a home built in 1897 a risky purchase?
Not necessarily, but it requires a different mindset than a newer home. The age ranking is in the bottom 6% on the street, meaning most nearby homes are more recent. However, many older homes in Winnipeg’s core have been well maintained or updated. A thorough inspection—focusing on foundation, wiring, plumbing, and insulation—is essential. The risk is less about age and more about the quality of past upkeep.
3. Why is the lot size small compared to other homes?
The land area of 3,005 sqft is below the neighbourhood average of 3,591 sqft and well below the citywide average of 6,570 sqft. This is common in older, denser neighbourhoods where lots were subdivided earlier. The trade-off is often a more walkable streetscape and less yard maintenance, but it does limit expansion or outdoor space.
4. Does the above-average living area mean the home is priced too low?
Not necessarily, but it’s worth a closer look. The living area is generous relative to many comparables, especially on the same street. Yet the assessed value is average for the area. This gap could reflect the home’s age, condition, or smaller lot. It might also signal a property where the interior has been expanded or finished in ways the market hasn’t fully priced in yet. A buyer should compare with recent sale prices for similar-sized homes in West Alexander.
5. How does West Alexander compare to other Winnipeg neighbourhoods?
West Alexander is an older, inner-city area with a mix of century homes and infill development. It tends to have smaller lots, older housing stock, and lower assessed values than suburban or newer parts of the city. For a buyer, this means potentially more character and walkability, but also fewer modern amenities and possibly higher maintenance costs. It’s a neighbourhood that rewards a hands-on approach.