709 Magnus Avenue – Property Summary
Key Characteristics and Buyer Profile
This is a compact, older home in Winnipeg’s William Whyte neighbourhood, built in 1905. Its living area is 654 square feet, and the lot measures 2,463 square feet. Both figures fall well below average for the street, neighbourhood, and city. The assessed value is $130,000—slightly below the neighbourhood average of $149,100 but significantly below the citywide average of $390,100.
Where its appeal lies: The property’s main draw is its affordability relative to the surrounding area. While the assessed value ranks near the bottom citywide (top 98%), it sits around the middle of the neighbourhood (top 54%), meaning it’s priced in line with local comparables. The home is one of the older and smaller options available, which may appeal to buyers looking for a low-cost entry point into a central Winnipeg neighbourhood, or those interested in a renovation project where the purchase price leaves room for upgrades.
What type of buyer it would suit: This property is best suited for budget-conscious buyers, first-time homeowners who don’t need much space, or investors seeking low-cost acquisitions in an older urban area. It may also appeal to those who value a small footprint and a walkable street over square footage or a modern build. Less obvious: for a buyer comfortable with a fixer-upper, the small size could mean fewer costly materials and faster renovations—but the 1905 construction date suggests possible foundation, wiring, or plumbing work that could offset savings.
Frequently Asked Questions
1. Why is the assessed value so low compared to the city average?
The $130,000 assessment reflects the home’s small size (654 sq ft), older age (1905), and small lot (2,463 sq ft). Citywide, the average home is much larger (1,342 sq ft) and newer (1966), driving up the average value. Locally, the assessment is within the typical range for William Whyte.
2. How does the land area compare to other homes in the area?
The lot is 2,463 sq ft—about 700 sq ft smaller than the neighbourhood average (3,277 sq ft) and roughly 1,000 sq ft smaller than the street average (3,518 sq ft). It’s a compact urban lot, not suited for large additions or extensive landscaping.
3. What does “Top 98%” mean in the citywide ranking?
It means this property ranks among the 2% of homes citywide with the smallest living area, oldest year built, and lowest assessed value. It’s an indication of how unusual the property is compared to the overall housing stock in Winnipeg.
4. Is the house worth more than the assessed value if renovated?
Possibly, but the assessed value is a baseline. Renovations that increase square footage or update systems could raise the assessment, though the small lot limits expansion potential. Buyers should budget for both renovation costs and a potential reassessment after improvements.
5. What are the main risks of buying a home built in 1905?
Older homes often have outdated electrical, plumbing, and insulation, plus possible lead paint or asbestos. The foundation may need attention. A thorough inspection is essential. On the plus side, older construction often uses high-quality lumber, but the trade-off is the need for significant systems updates.