695 Elgin Avenue – Property Summary
Key Characteristics & Buyer Profile
This is a compact, older home in Winnipeg’s West Alexander neighbourhood with 792 square feet of living space on a 3,118-square-foot lot. Built in 1893, the property ranks among the oldest in its street, neighbourhood, and city—placing in the top 100% citywide for age. Its assessed value is $143,000, which is well below the citywide average of $390,100, though more in line with street and neighbourhood medians.
The appeal here is straightforward: low entry cost in a central neighbourhood, with a land-to-building ratio that offers more outdoor space than the small living area might suggest. The lot size ranks near the middle of the street and neighbourhood, meaning it’s not an unusually tight parcel for the area. The living area, however, is significantly smaller than typical homes on Elgin Avenue and in West Alexander, so this isn’t a property for someone needing generous indoor square footage.
What’s less obvious: the combination of a very old structure and below-average assessed value could mean renovation opportunity rather than move-in readiness, but it also likely means higher maintenance costs and potential retrofit needs (insulation, electrical, plumbing). The land area is large enough that a future addition or garage might be feasible, but zoning and heritage considerations should be checked first.
This property would suit a buyer who values affordability and location over space, is comfortable with an older home that may need work, and prioritizes outdoor space or a larger lot over a large interior. It may also appeal to someone looking for a starter home or investment property in a central Winnipeg neighbourhood where land value may appreciate faster than the building itself.
Frequently Asked Questions
1. How does the assessed value compare to similar homes nearby?
The assessed value of $143,000 is below the Elgin Avenue average of $189,600 and the West Alexander neighbourhood average of $187,300, but significantly lower than the citywide average of $390,100. This places it near the bottom 3% citywide for assessed value. The ranking suggests it’s one of the more affordable properties in the area.
2. Is the land area unusually small or large for the area?
At 3,118 square feet, the lot is slightly below the Elgin Avenue average of 3,608 square feet and below the West Alexander average of 3,591 square feet. It ranks around the middle of the street (top 61%) and neighbourhood (top 65%), so it’s considered around average for the immediate area—not notably cramped or generous.
3. What does the year built (1893) mean practically?
This is an exceptionally old home, ranking in the top 100% oldest citywide. While character homes from this era can have charm, the age likely means outdated systems, possible knob-and-tube wiring, old plumbing, lead paint risk, and less efficient insulation. Buyers should budget for significant renovations and expect higher ongoing maintenance.
4. Who typically buys properties like this?
These homes tend to attract first-time buyers looking for an affordable entry into a central neighbourhood, investors seeking rental properties with low acquisition costs, or handy homeowners who enjoy older buildings and don’t mind renovation work. It’s less suited for families needing large rooms or someone wanting a low-maintenance, move-in-ready home.
5. How does the small living area affect usability and resale?
At 792 square feet, this is roughly 30% smaller than the typical home on the street and 40% smaller than the citywide average for comparable homes. That limits how many people can live here comfortably and may reduce resale appeal to buyers who prioritize interior space. However, it also means lower utility costs and a smaller footprint to maintain or upgrade.