526 Bannatyne Avenue – Property Summary
Key Characteristics & Buyer Profile
This is a 2,267-square-foot home built in 1899, sitting on a 3,294-square-foot lot in Winnipeg’s West Alexander neighbourhood. The standout feature is its living space. It ranks in the top 3% on its street, top 3% in the neighbourhood, and top 5% citywide for square footage—nearly double the average for comparable homes in the area. That alone defines its appeal: rare interior volume for a century-old property.
The assessed value ($155,000) tells a different story. It’s well below the street average ($210,600) and far below the citywide average ($390,100). The land area is also modest relative to the house, ranking near the middle of the street and neighbourhood but dropping to the bottom 16% citywide. Age is another factor—built in 1899, it’s among the oldest on the street and in the city.
The less obvious takeaway: this property offers a lot of house for very little assessed value, which likely means low property taxes. But the land is small, and the structure is old. Renovation costs or maintenance needs could be significant. It’s not a turnkey modern home, and it won’t appeal to someone looking for a large yard or a recent build.
Who it suits: Buyers who prioritize interior space and character over land size and modern finishes. Someone comfortable with an older home, possibly looking to update gradually. Investors or owner-occupiers who value low-assessed-value properties for tax efficiency. Not ideal for families wanting a big backyard or buyers seeking a move-in-ready recent build.
Frequently Asked Questions
1. Why is the assessed value so low compared to the living area?
The assessed value reflects market conditions, land value, and property condition. A home built in 1899 may have outdated systems, finishes, or layout inefficiencies that reduce its market value relative to its square footage. The small lot also limits upside. In short, you’re getting space, but not necessarily modern value.
2. Is the small lot a problem for this size of house?
It depends on your needs. A 3,294 sqft lot with a 2,267 sqft house leaves limited outdoor space. Parking, gardening, or expansion may be tight. But for someone who wants a large interior and minimal yard maintenance, it could be a perk rather than a drawback.
3. How old is this home, and what should I expect maintenance-wise?
Built in 1899, this house is over 120 years old. Expect older plumbing, electrical, insulation, and possibly foundation or roof issues. It ranks in the bottom 7% on its street and bottom 14% citywide for age. A thorough inspection is essential before purchase.
4. How does the property compare to others on Bannatyne Avenue?
It has the largest living area on the street (top 3%) but the lowest assessed value (bottom 22%). The lot size is around average for the street (top 36%). In short, it’s a space leader but a value laggard—unusual for the same block.
5. Is this a good investment for rental or resale?
The low assessed value and large interior could make it appealing as a rental, especially if renovations increase its market value over time. But the small lot and old age may limit appreciation compared to newer or larger-lot properties. Resale will depend heavily on the condition of updates and the buyer pool’s tolerance for an older home.