Property Overview: 693 Bannerman Avenue, Winnipeg
Key Characteristics & Appeal
This one-and-a-half storey home, built in 1945, is a compact and affordable entry point into Winnipeg’s Inkster-Faraday neighbourhood. With 880 square feet of living space and a detached garage, it sits on a notably generous lot for the immediate area—over 4,600 square feet. The home’s assessed value is modest, positioning it well below the citywide average, which translates to lower property taxes.
Its primary appeal lies in its value proposition and lot size. For a buyer comfortable with a smaller, character home, it offers a chance to secure a property with land in a long-established community. The lot provides valuable outdoor space and future potential that many similarly priced properties lack. It would suit a first-time buyer, an investor, or someone looking to downsize with a focus on financial efficiency. A thoughtful perspective is that, while the home’s living area is below average, its lot size ranks well above average for the neighbourhood, suggesting the property’s true value may be more in its land than its current structure.
Frequently Asked Questions
1. What does the assessed value tell me about this property?
The assessed value of $19,700 is significantly below the Winnipeg average, indicating very low annual property taxes. It reflects the home’s modest size and market position rather than a potential sale price, which has been higher in recent years.
2. How does the lot size compare to others?
At 4,649 sqft, the lot is larger than most in the Inkster-Faraday area. This is a standout feature, offering more private outdoor space than typical properties in this price range.
3. Is the living area a concern?
At 880 sqft, the home is compact. It’s ideal for a single person, a couple, or a small family comfortable with efficient living. The layout and condition of the interior would be key factors to assess.
4. What is the recent sales history?
The property sold in May 2024 for an estimated $21,500-$24,500, and prior to that in May 2017 for $14,500-$17,500. This shows price appreciation over that period.
5. What are the implications of the home’s age?
Built in 1945, the home is older than many in the city. This typically means potential for character but also necessitates a thorough inspection for the condition of major systems like wiring, plumbing, and the foundation.