Property Overview: 884 Manitoba Avenue, Winnipeg
Key Characteristics & Appeal
This is a classic one-and-a-half storey home in Burrows Central, built in 1903, offering a blend of historic character and practical potential. Its key appeal lies in its solid foundation as an entry-point property or a value-conscious investment. The home sits on a standard city lot (3,547 sqft) and features a living area (1,145 sqft) that is notably spacious compared to many immediate neighbours. A detached garage and a full, unrenovated basement add functional utility.
The property suits buyers looking for an affordable foothold in the market who are comfortable with a home that requires updates. Its very low assessed value points to significant upside potential for the hands-on buyer, whether through gradual renovation or long-term land value. A thoughtful perspective is that while the home is older than nearly all comparable properties in the city, it has already stood for over a century, suggesting durable construction. The recent sale price of $220k (January 2024) represents a substantial increase from its 2017 sale, indicating rising demand in the area.
Frequently Asked Questions
1. What does the very low assessed value mean?
The assessed value is for municipal tax purposes and is often based on older market data and formulas. It does not reflect current market value, as demonstrated by the recent $220k sale price. It can, however, indicate a relatively lower property tax burden.
2. Is the unrenovated basement a major concern?
It presents both a project and an opportunity. While it will require investment to modernize, it also offers a blank canvas to add significant liveable or storage space according to a new owner's needs and budget.
3. How does the age of the home affect things?
A 1903 build means potential for charming original features but also necessitates a thorough inspection for outdated systems (like wiring or plumbing). Its age is typical for the street, so local contractors may be familiar with working on homes of this vintage.
4. The home sold for $90k in 2017 and $220k in 2024. What does this suggest?
This sharp appreciation suggests strong market momentum in the area. Buyers should research recent sales of updated homes nearby to understand the potential value ceiling after renovations.
5. Who are the typical neighbours or buyers in this area?
Burrows Central is often sought by first-time homebuyers, practical investors, and families looking for value. The presence of many similarly aged homes suggests a stable, established community rather than a rapidly redeveloping one.