249 Morley Avenue

Property Overview & Appeal

This one-and-three-quarter storey home on Morley Avenue in Riverview presents a classic Winnipeg character property with solid fundamentals. Its key appeal lies in its established neighbourhood setting and the opportunity it represents. Built in 1907, the home sits on a notably generous 2,502 sqft lot, which ranks in the top 5% for size across Winnipeg. This offers valuable outdoor space and future potential in a city where larger lots are increasingly rare. The living area is a practical 1,037 sqft, and the property includes a detached garage and a basement (not renovated).

The home suits two primary types of buyers: first, the practical investor or hands-on homeowner who sees value in the lot size and the structure's good bones, and is prepared to update the interior over time. Second, it appeals to those seeking an entry point into a mature, tree-lined neighbourhood like Riverview, who prioritize location and land over a move-in-ready finish. The assessed value has remained stable, and the home’s rankings indicate it sits on a better-than-average lot for the area, which is a less obvious but significant asset. It’s a property where the value is grounded more in its location and land than in its current finishes.

Frequently Asked Questions

1. What does "one-and-three-quarter storey" mean?
This is a common architectural style for homes of this era. It typically means the second floor has full-height ceilings in the center of the house, with sloped ceilings or shorter walls under the eaves in the peripheral rooms, creating a cozy, character-filled upper level.

2. The basement is noted as "not renovated." What should I expect?
You should anticipate a functional but unfinished space. It likely has the home's core mechanical systems (furnace, water heater) and provides storage or laundry space, but it will not have developed living areas or finished walls. Budgeting for potential updates or moisture management is prudent.

3. How significant is the lot size?
Very. At 2,502 sqft, the lot is substantially larger than many in the city and is this property's standout feature. It provides ample yard space for gardening, play, or entertaining, and for the right buyer, it represents long-term potential that is difficult to find in established neighbourhoods.

4. The home was built in 1907. Are there major concerns?
As with any home over a century old, a thorough inspection is essential. Key focus areas will be the foundation, roof, wiring, and plumbing to understand what has been updated and what may need attention. The stable assessed and recent sale value, however, suggest the structure is sound.

5. How does the assessed value compare to the likely asking or sale price?
The municipal assessed value ($28,900k) is for taxation purposes and is typically lower than market value. The home last sold in 2021 for $30,500k. In today's market, the sale price would be determined by current conditions, the home's unique lot size, and its condition relative to comparable sales.