2023 Gallagher Avenue – Winnipeg, MB
Property Overview & Buyer Profile
This is a compact home with 739 square feet of living space on a 2,498-square-foot lot, built in 1927. Its assessed value sits at $178,000, which is roughly average for its street and neighbourhood but well below citywide norms. The property ranks in the bottom quartile for living area and land size citywide, and in the bottom fifth on its own street. It’s not a home that competes on space. Rather, its appeal lies in affordability and entry-level pricing in a mature, central Winnipeg neighbourhood. The year built and modest square footage will suit buyers looking for a lower purchase price in exchange for an older home that may need updates. It would not typically suit someone seeking move-in-ready space or a large yard. The property is a realistic option for first-time buyers, investors targeting the lower end of the rental market, or someone willing to take on a renovation in a location where surrounding values are near the neighbourhood average. The assessed value holding close to street and area medians suggests the home is priced in line with local comparables, not overreaching despite being small.
Frequently Asked Questions
1. Is the assessed value of $178,000 a sign the home is overpriced or undervalued?
It’s near the average for both the street ($187,300) and neighbourhood ($184,700), so it sits within a normal range for this area. The value is not unusually low compared to similar nearby homes—it’s the size, not the price, that stands out as below average.
2. The living area and land area rankings are low. Does that hurt resale potential?
It could limit the buyer pool, since most purchasers in Winnipeg expect more space. However, in a neighbourhood like Weston, smaller homes are more common and have a market of their own. If the interior is well-maintained or updated, it can still sell at street value. The bigger risk is for buyers who expect appreciation driven by square footage.
3. With a 1927 build year, what should I expect in terms of maintenance or renovations?
Older homes in this vintage often have plaster walls, knob-and-tube wiring that may need replacement, and possibly an older foundation. The year built is typical for the street and area, so these issues are common locally. A pre-purchase inspection is strongly recommended, and buyers should budget for electrical and plumbing upgrades if not already done.
4. How does this property compare to a typical Winnipeg starter home?
It’s smaller in both living area and lot size than the average starter home citywide. A typical Winnipeg home has around 1,342 square feet of living space and a lot of 6,570 square feet. This property is roughly half that size. Buyers should adjust expectations accordingly and consider it a small-footprint alternative, not a typical family-sized home.
5. Is the neighbourhood (Weston) considered a good investment area?
Weston is an older, central neighbourhood with a mix of post-war and early 20th-century homes. It’s not a high-growth area compared to newer subdivisions, but it offers proximity to downtown and established services. The assessed values here cluster near the city’s lower end, so the upside tends to come from renovations and inflation rather than rapid market lift. It suits patient investors rather than those seeking quick gains.