723 Pacific Avenue – Property Summary
Key Characteristics & Buyer Profile
This is a 1,012-square-foot home built in 1903 on a 2,589-square-foot lot in Winnipeg’s West Alexander neighbourhood. Its assessed value is $197,000.
The property’s appeal lies in its affordability relative to citywide benchmarks. While the home is smaller than average and sits on a below-average lot, its assessed value ranks in the top 8% citywide for low cost—meaning it’s priced well below most comparable homes in Winnipeg. On its own street, it’s around the middle of the pack: slightly above-average size and value, but older than most neighbours.
The year built (1903) places it among the oldest homes citywide. This will appeal to buyers who appreciate character, solid pre-war construction, and a mature neighbourhood setting, but it also signals potential maintenance needs (older plumbing, wiring, foundation work). The lot is compact—typical for an older urban infill property—so there’s limited yard space.
Best suited for: First-time buyers looking for an entry point into a central neighbourhood, investors seeking a lower-cost property in an established area, or anyone who values walkable, older urban fabric over newer suburban subdivisions. Not ideal for those who need a large yard, a modern open layout, or minimal upkeep.
Five Frequently Asked Questions
1. How does the assessed value compare to similar homes nearby?
On Pacific Avenue and in West Alexander, the assessed value is around average—$197,000 vs. $186–187k local averages. But citywide, it’s well below the typical $390k benchmark. That means you’re getting a home priced like the rest of the block, not a deal relative to the immediate area, but a strong value compared to Winnipeg as a whole.
2. Is the living space small for the neighbourhood?
It’s slightly above the street average (986 sqft) but well below the neighbourhood average (1,299 sqft). So it feels compact for West Alexander but is typical for its specific block. If you’re comparing to newer homes or outer suburbs, it’ll feel small—but it’s not out of step with its immediate surroundings.
3. What should I know about a home built in 1903?
This is one of the oldest homes in Winnipeg by year built. Expect original details like thicker walls, solid wood framing, and possibly lead paint or knob-and-tube wiring. Renovations may have been done, but always confirm with an inspection. Older homes often have higher heating costs and less insulation, but they tend to hold up well structurally if maintained.
4. Why is the lot size below average?
The 2,589 sqft lot is smaller than both the street average (2,925 sqft) and the neighbourhood average (3,591 sqft). This is common for older central-city properties, where lots were divided more tightly. It means less outdoor maintenance, but also less room for additions, garages, or gardens.
5. What does “ranked top 92% citywide” for assessed value mean?
It means this home is cheaper than 92% of all comparable properties in Winnipeg. Only about 8% of homes are valued lower. That’s useful context if you’re worried about property taxes or looking for a budget-friendly entry point—but it also reflects the home’s age, size, and smaller lot. The low citywide rank isn’t a flaw, just a trade-off for affordability.