532 Bannatyne Avenue – Property Summary
Key Characteristics & Buyer Profile
This property stands out primarily for its size. With 2,447 square feet of living space, it ranks in the top 2% on its street and within the West Alexander neighbourhood, and the top 3% citywide. The average home in Winnipeg is roughly half this size. For someone who needs generous square footage—whether for a large family, home-based business, or simply the desire for spacious rooms—this is a rare find.
However, size comes with trade-offs. The property was built in 1903, making it one of the older homes on the street (top 89%) and citywide (top 99%). Its assessed value of $143,000 is well below the street and neighbourhood averages, and sits in the bottom 3% citywide. The land area of 3,046 square feet is around average for the immediate street and neighbourhood, but below average for Winnipeg as a whole.
The appeal here is not a polished, turnkey home in a high-demand area. Instead, it suits a buyer who values interior space above all else and is willing to take on an older property—likely requiring updates, maintenance, or renovation—in exchange for that square footage at a relatively low assessed value. This could be a hands-on homeowner, an investor comfortable with older construction, or someone looking to build equity through improvements rather than location-driven appreciation.
Five Possible FAQs
1. How does the low assessed value compare to the actual market price?
Assessed value is a public estimate used for property taxes, not a market valuation. A $143,000 assessment in a neighbourhood where averages are higher likely reflects the age and condition of the home, not necessarily its sale price. In a hot market or for a buyer willing to renovate, the selling price could be higher or lower than this figure depending on competing offers and the home’s current state.
2. What’s the condition of a 1903 home likely to be?
There’s no inspection data here, but a house this old will typically have older electrical, plumbing, and insulation. Foundations and roofs may need attention. However, many century homes in Winnipeg have been updated over time, so the actual condition can vary widely. A thorough home inspection is essential.
3. Is the “elite” living area ranking based on total square footage or usable space?
The data refers to total living area (2,447 sqft). That does not account for layout, room count, or whether the space is finished to modern standards. Older homes often have smaller rooms, narrower hallways, or less efficient floor plans than a newer home of the same size. A walkthrough is the best way to judge how that square footage actually functions.
4. How does the land size affect future use or development potential?
At 3,046 square feet, the lot is modest by city standards and only average for the immediate area. It’s unlikely to support subdivision or major infill development, but it could accommodate an addition or garage, depending on zoning and setbacks. If you’re looking for a large yard, this property is not that.
5. Why is the citywide ranking for assessed value so low while the living area ranking is so high?
Assessed value is influenced by many factors beyond square footage, including age, condition, location desirability, and recent sale prices of comparable homes. A large, very old home in a less central part of Winnipeg may simply not command the same price per square foot as a newer or better-located property. This gap between size and value is exactly what makes the property potentially interesting to a value-oriented buyer.