Property Overview: 1007 Clarence Avenue, Winnipeg
Section 1: Key Characteristics & Appeal
This 880 sqft bungalow in Maybank, built in 1949, presents a clear value-oriented opportunity. Its most defining characteristic is its very low municipal assessed value ($23,200), which ranks in the bottom 3% on its own street. This suggests significant potential for equity growth through updates and modernization, making it a standout for buyers focused on fundamentals rather than turn-key condition. The lot size is a manageable 4,368 sqft, fairly typical for the area, offering adequate outdoor space without excessive maintenance.
The appeal lies in its position as a true entry-point into the Winnipeg market. It suits practical, hands-on buyers such as first-time homeowners willing to renovate over time, investors looking for a property with a low tax and entry-cost base, or downsizers seeking minimal financial outlay and complexity. It’s not a luxury offering, but a solid foundation. A less obvious perspective is that a home with such a low assessment in a mature neighbourhood can provide a buffer against property tax increases, offering long-term affordability that renovated, higher-assessed homes on the same block cannot.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than nearby homes?
The assessed value is based on the property's state and market value at a prior point in time. A value this low relative to neighbours typically indicates the home is in need of significant updates, may have a simpler layout or finishes, and is assessed on its current condition rather than its potential after renovation.
2. What does the sold price history (2023, CA$200k–250k) tell me?
It shows the home sold within that price range recently. The fact it sold for well above its assessed value is common and reflects the market price buyers were willing to pay. This gap highlights the difference between a municipal assessment for taxation and actual market value.
3. Is the below-average living area a major drawback?
At 880 sqft, it is cozier than many area homes. This could be a limitation for growing families but an advantage for those seeking easier maintenance and lower utility costs. Its efficiency may be appealing for a couple, individual, or as a strategic investment property.
4. What should I prioritize when viewing this property?
Focus on the structural integrity and the cost of essential updates—roof, foundation, heating, electrical, and plumbing. The value here is in the land and the shell; your budget should account for making it livable and modern to your standards.
5. How reliable are the "top percentile" rankings provided?
These rankings are useful for quick comparison. They clearly show this property ranks low on metrics like assessed value and size compared to local peers. They are best used to confirm its position as a smaller, value-priced option in the context of its immediate street, neighbourhood, and the wider city.