Property Overview & Key Characteristics
This one-storey home on Aberdeen Avenue is a compact, century-old property built in 1907. Its primary appeal lies in its exceptionally low price point and its land value, as it sits on a 2,276 sqft lot. The 496 sqft living area is notably small, ranking it among the most compact homes in Winnipeg. The home has an unrenovated basement and no garage. Its assessed value is significantly below city and area averages.
This property is best suited for a very specific buyer: an investor, developer, or extremely budget-conscious purchaser looking for land value or a foundational project. It is not a move-in-ready home. The appeal is almost entirely in the potential of the lot and the very low entry cost, making it a candidate for a full rebuild, a hold for land banking, or a renovation project for someone with the skills and capital to undertake a major overhaul. The low annual property taxes, reflected in the low assessment, are a practical consideration for a buyer planning to hold the property during a development approval process.
Frequently Asked Questions
1. Is this a liveable home in its current condition?
Based on the data indicating an unrenovated basement and very small, aged living space, it is likely a teardown or a major rehabilitation project. It is not presented as a modern, comfortable residence.
2. Why is the assessed value so much lower than the recent sale price?
The sale price of $90k likely reflects the market value of the land itself, considering development potential. The assessed value for taxes often lags behind market shifts and may be based more on the outdated structure than the underlying land value.
3. What could be built on this lot?
With a lot size of 2,276 sqft, it is below average for the area but may still accommodate a new single-family home, subject to City of Winnipeg zoning bylaws, setback requirements, and permitting. A buyer must investigate these details thoroughly.
4. Are the low property taxes permanent?
No. If the property is renovated or rebuilt, the City will reassess it based on the new improvements, which will result in a significant increase in both assessed value and annual property taxes.
5. How does the small living area compare practically?
At 496 sqft, the living space is functionally similar to a large one-bedroom apartment. This underscores that the value is not in the existing structure but in the opportunity the lot presents.