Property Overview
550 Dufferin Avenue is a one-and-a-half storey home in Winnipeg's Dufferin Industrial area. Built in 1920, it offers 896 square feet of living space with an unrenovated basement and a detached garage on a 3,711 sqft lot. Its last recorded sale was in April 2017 for $19,200, and it currently holds an assessed value of $21,400.
Key Characteristics & Appeal
This property presents a specific value proposition centered on its land and location. Its primary appeal lies in its low assessed value, which is significantly above average for its immediate street and neighborhood, yet far below the citywide average. This suggests a niche where municipal valuation is minimal compared to most Winnipeg homes. The lot size is practical for the area, and the home itself is of a vintage common to the community.
It would suit a very particular type of buyer: an investor or hands-on owner looking for a foundational asset in an industrial-adjacent area, where the value is driven more by land utility and location potential than by the existing structure. It is not a move-in-ready home for a typical family, but could be a project for someone comfortable with renovations or a strategic holding in a working-class neighborhood. A less obvious perspective is that its consistently "above average" standing within its local context, despite modest absolute numbers, indicates it may be one of the more substantial properties on its block—a big fish in a small pond.
Frequently Asked Questions
1. Why is the assessed value so much lower than the citywide average?
Assessed values are based on market trends and property characteristics. This valuation reflects the property's specific location in the Dufferin Industrial area, its age, size, and condition relative to the broader Winnipeg market.
2. What does "above average" for assessed value on the street mean?
While the $21,400 assessment is low citywide, it ranks in the top 15% on Dufferin Avenue. This means it is assessed higher than most of its immediate neighbors, suggesting it is considered a relatively more valuable property within that specific local market.
3. Is the basement finished?
No, the basement is noted as being unrenovated.
4. How does the living space compare to nearby homes?
At 896 sqft, the living area is slightly above the average for the Dufferin Industrial neighborhood (885 sqft average) but below the average for homes on Dufferin Avenue itself (1,049 sqft average).
5. What is the significance of the 2017 sale price?
The $19,200 sale price from April 2017 provides historical context, showing the property's market value at that time. It is a data point for comparison with the current assessed value, but does not determine its present market price.