555 Magnus Avenue — Property Summary
Key Characteristics & Buyer Profile
This is a compact, older home in Winnipeg’s William Whyte neighbourhood. At 700 square feet of living space on a 2,463-square-foot lot, it’s significantly smaller than the average home on its street, in its area, and across the city. Built in 1905, it’s also considerably older than most comparable properties. Its assessed value of $98,000 reflects both its size and its age, ranking near the bottom citywide.
The property’s primary appeal is price point. For a buyer who prioritizes affordability over space or modern construction, this is one of the most accessible options in the city. It’s the kind of home that might suit a first-time buyer looking to get into the market with a lower mortgage, an investor seeking a low-cost entry into the William Whyte area, or someone willing to take on a renovation project in a neighbourhood where nearby homes have a higher average value—suggesting potential for gradual appreciation. The smaller footprint also means lower utility costs and less upkeep, though the older bones may require attention.
What’s less obvious is that this property ranks poorly in living area and land size even against its own street and neighbourhood. That suggests it’s not just small by city standards—it’s small for its immediate surroundings. Buyers should consider whether the lower purchase price compensates for being an outlier on the block, especially if resale or comparability matters.
Frequently Asked Questions
1. How does this home’s size compare to others in the neighbourhood?
It’s below average at every level. On Magnus Avenue, it ranks 520th out of 608 homes. In William Whyte, it’s 1,558th out of 1,707. Citywide, it sits in the bottom 4% for living area.
2. Is the assessed value of $98,000 in line with what I’d actually pay?
Assessed value and market value aren’t the same thing. The city’s assessment is a baseline, often lower than sale prices in active markets. That said, this home’s assessment is well below the street average of $178,000 and the neighbourhood average of $149,100, which likely reflects its small size and age. A buyer should compare recent sale prices in William Whyte for a more accurate picture.
3. The home was built in 1905—what should I watch out for?
Homes of this era often have older electrical systems, plaster walls, and potentially outdated plumbing or foundation work. Renovation history matters more than the year itself. A thorough inspection is essential, particularly for knob-and-tube wiring, asbestos in insulation or flooring, and lead paint. The good news is that many century homes in Winnipeg have solid bones if properly maintained.
4. Why is the land area important?
At 2,463 square feet, the lot is about 700 square feet smaller than the neighbourhood average. For a buyer considering an addition or a garage, that limits options. It also means less yard space for outdoor living, which some families might find restrictive. For someone who wants minimal outdoor upkeep, though, it could be a plus.
5. Who is this house not for?
Anyone looking for move-in-ready space, a family needing multiple bedrooms or a large yard, or a buyer concerned with resale comparability. Because it ranks so low against nearby homes on size and age, it may not hold value as well as properties closer to neighbourhood averages unless significant upgrades are made.