516 Bannatyne Avenue – Property Summary
Key Characteristics & Buyer Profile
This is a 1,476-square-foot home built in 1903 on a 2,693-square-foot lot in Winnipeg’s West Alexander neighbourhood. Its living space is above average for the street (top 22%) and sits slightly above the citywide median, making it genuinely spacious for a home of this era. The assessed value of $190,000 is notably low citywide (bottom 7%), though in line with the immediate neighbourhood—a gap that may reflect the home’s age and smaller land footprint rather than any structural issue.
What stands out here is the trade-off between interior space and outdoor area. The house is roomier inside than most nearby homes, but the lot is below average for both the street and the city. Buyers who prioritize square footage over yard size will see the appeal. The land-to-living-area ratio tilts heavily toward the building, which often means less maintenance and more flexibility inside—but little room for expansion.
The year built places this among the older homes in the city (top 99% oldest), which could attract buyers looking for pre-war character, solid construction, or a renovation project. Conversely, it may deter those wary of older systems, lead paint, or uninsulated walls.
This property would suit: Buyers seeking a spacious older home in a central Winnipeg neighbourhood, at a relatively low entry price. Ideal for someone comfortable with a smaller lot and an older house that likely needs updates—or for an investor looking at a value-add opportunity in an area where the assessed value is modest compared to citywide averages.
Five Frequently Asked Questions
1. How does the low assessed value affect property taxes?
Assessed value directly influences your annual property tax bill. A $190,000 assessment in Winnipeg is well below the citywide median of $390,100, so taxes should be comparatively low. However, keep in mind that the assessment is based on market conditions at a specific point in time, and significant renovations could trigger a reassessment.
2. Is the smaller lot a limitation for future buyers?
It depends on what future owners want. For most single-family homes in Winnipeg, a 2,693-square-foot lot is tight—there isn’t much room for a garage, large garden, or addition. That said, a smaller lot often means less yard work and lower utility costs. If resale to a family wanting outdoor space is your goal, this lot could be a sticking point.
3. What should I look out for in a 1903 home?
Homes of this age often have knob-and-tube wiring, cast iron plumbing, and minimal insulation. Foundation condition, roof age, and window efficiency are also important. On the plus side, older homes in this part of Winnipeg frequently have solid timber framing and good bones. A thorough home inspection with a specialist in pre-war construction is strongly recommended.
4. How does this property compare to others in West Alexander?
The house has more living area than most in the neighbourhood (top 31%), but less land (bottom 76%). Its assessed value is around the area average, while its age puts it among the older homes in the district. In short, you’re getting a roomier interior on a smaller-than-average lot, at a price that reflects the local market rather than citywide trends.
5. Would this property be good for a rental or flip?
Possibly. The low citywide assessed value and decent living area suggest there may be equity upside if you can increase the home’s condition or appeal. The neighbourhood is central, which helps with rental demand. However, the small lot and older construction can limit both renovation budgets and eventual resale value. Run the numbers carefully—especially on upgrade costs for an older home.