Property Overview
This one-and-a-half storey home on Burrows Avenue presents a straightforward opportunity in Winnipeg's Burrows Central neighbourhood. Built in 1916, it sits on a modest, below-average-sized lot for the area. The 1,038 sqft living space is typical for similar homes nearby. Key features include an unfinished basement and no garage. Its most recent sale was in June 2021 for $210,000, a price point that was around average for the street but above average for the wider neighbourhood at that time.
Key Characteristics & Appeal
The primary appeal of this property lies in its affordability and positional value. With an assessed value significantly below the city average, it represents a lower barrier to entry into the Winnipeg market. Its living space and year built are unexceptional but squarely in line with the local context, suggesting a home that is functional and typical for the area.
Its appeal is niche. It would best suit a pragmatic, value-conscious buyer—perhaps a first-time homeowner comfortable with a project, or an investor looking for a rental property with a manageable entry cost. The smaller lot size, while not offering expansive outdoor space, translates to less maintenance. A thoughtful perspective is that a home of this age and modest assessment in a neighbourhood of similar properties may offer stability against market volatility, as it is less likely to be over-improved relative to its surroundings.
Frequently Asked Questions
1. What does the "below average" land area ranking mean practically?
It means the property's lot is smaller than most in Winnipeg and even in its immediate area. This results in a smaller yard and potentially closer proximity to neighbours, but also less exterior maintenance.
2. Why is the assessed value so much lower than the city-wide average?
Assessed values are based on many factors including location, home size, condition, and lot size. This home's modest characteristics and neighbourhood positioning place its value well below the average for the entire city, which includes newer, larger homes in higher-value districts.
3. Is the unfinished basement a major drawback?
It depends on the buyer's plans. It offers ample storage and potential for future development, adding value. However, it is not currently livable space and would require a significant investment to finish.
4. The home sold in 2021 for $210k. Is that a good indicator of its current value?
It is a historical data point, but the market has likely changed since mid-2021. It shows what a buyer was willing to pay under past market conditions and can be a benchmark, but a current appraisal or comparative market analysis is necessary for today's value.
5. Who would this property not suit?
It would not suit buyers looking for a turn-key, modern home with ample outdoor space or garage parking. It may also not fit those wanting a property with above-average appreciation potential relative to the city, as its metrics are consistently at or below local averages.