Property Overview: 674 Government Avenue, Winnipeg
Key Characteristics & Appeal
This is a modest, century-old home built in 1921, situated on a roughly 5,000 sqft lot in the Munroe East neighbourhood. Its key characteristic is its scale: with 680 sqft of living space and a notably low assessed value, it stands well below averages for the street, area, and city. This creates a specific niche. Its appeal lies in its potential as an entry point into homeownership with a manageable footprint and a lot size that is actually above average for its immediate street. The very low annual property tax burden, implied by the assessed value, is a significant practical advantage.
It would suit a first-time buyer or an investor seeking a straightforward, low-cost holding. The buyer should be prepared for a home that likely requires updates and systems attention due to its age, viewing it as a foundation rather than a turn-key property. A thoughtful perspective is recognizing that such a small, old home on a decent lot in a mature neighbourhood often represents two values: the structure itself and the latent value of the land, which may appeal to those with long-term plans.
Frequently Asked Questions
1. Why is the assessed value so much lower than the recent sold price range?
Assessed values in Manitoba are primarily for municipal tax purposes and often don't reflect current market value, especially for older, unique, or recently sold properties. The sold price range (2024: $150k-$200k) is the better indicator of its market worth.
2. What does the "Top 95%" ranking for Living Area mean?
It means this home's living area (680 sqft) is smaller than approximately 95% of comparable homes on its street. This is a consistent trend, with the home ranking in the bottom 5-10% for size and assessed value across all comparison levels.
3. Is the large lot a redeeming feature?
Potentially. At 4,995 sqft, the lot is slightly larger than the average on Government Avenue. This offers more outdoor space and could provide future options, such as expansion (subject to zoning) or simply more privacy than neighbouring properties.
4. What should I consider due to the home's age (105 years)?
While offering character, a home from 1921 will likely need careful inspection and budgeting for updates to wiring, plumbing, insulation, and the foundation. Its maintenance history and any previous renovations will be crucial.
5. How can I find out the exact sold price?
The exact sold price is not publicly displayed in Manitoba. The listing service offers to provide it manually via email upon request, which is a standard practice for obtaining this non-public data.