426 Alfred Avenue – Property Summary
Key Characteristics & Buyer Profile
This is a small, older home (built 1905) on a notably large lot in Winnipeg’s William Whyte neighbourhood. The living area is 666 square feet—well below street, neighbourhood, and city averages. The assessed value of $106,000 is also low, even by local standards. However, the lot measures 3,267 square feet, which is above average for Alfred Avenue and roughly typical for the neighbourhood. The property’s appeal lies in the land-to-building ratio. While the house itself is modest and dated, the lot offers potential for expansion, redevelopment, or simply more outdoor space than most homes in this price range. It would suit a buyer who is comfortable with a compact interior and is primarily interested in land value, whether for a future project, as a starter home with room to grow, or as a holding property in an up-and-coming area. It is less suitable for someone seeking a turnkey, move-in-ready family home.
Frequently Asked Questions
1. How does the assessed value compare to similar homes nearby?
The assessed value of $106,000 is below the street average ($164,100) and the neighbourhood average ($149,100), but it’s important to note that both the house size and age are also below those averages. The value reflects the smaller living area and older structure, not necessarily the land itself.
2. What does the large lot size mean in practical terms?
At 3,267 square feet, the lot is larger than many in the immediate area. This could allow for a future addition, a detached garage, or a sizable garden. It also gives more separation from neighbours compared to typical infill lots, which is uncommon for a property at this price point.
3. Is the 1905 construction date a concern?
Older homes often require more maintenance and may have outdated systems (plumbing, electrical, insulation). However, many homes in William Whyte were built in the 1920s, so this is consistent with the neighbourhood’s character. A thorough home inspection would be wise, especially to check for knob-and-tube wiring, lead pipes, or foundation issues common in homes of this era.
4. What type of financing or insurance issues might arise?
Some lenders and insurers are cautious with homes over 100 years old, especially if they have original wiring or plumbing. Buyers should confirm with their lender that a property built in 1905 qualifies for standard financing, and check with insurers about any age-related surcharges.
5. How does the property rank citywide, and does that matter?
Citywide, this home ranks in the bottom 1% for assessed value (top 99% means nearly everyone else is higher), bottom 2% for living area, and bottom 2% for year built. The lot size ranks in the bottom 16% citywide. These rankings simply confirm it’s a modest, older house on a decent lot, and not comparable to newer or larger homes across Winnipeg. The ranking is most useful for understanding its position within the local market, not as a measure of quality.