565 McDermot Avenue – Property Summary
Key Characteristics & Buyer Profile
This is an older home (built 1903) in Winnipeg’s West Alexander neighbourhood, offering 1,360 sqft of living space on a 3,385 sqft lot. Its assessed value sits at $146,000—well below both the street and city averages. The property ranks in the bottom 15% for assessed value on its own street, and in the bottom 3% citywide. That low valuation isn’t necessarily a red flag; it often reflects an older home that hasn’t been recently updated or reassessed upward, which can mean lower property taxes and more room for equity growth if renovations are made.
The living area is above average for the street (top 27%) but roughly average for the neighbourhood and city. The lot size is middling for the area but small compared to citywide norms. The home’s age places it among the oldest 1% of properties in Winnipeg, which brings character but also likely higher maintenance needs and potentially outdated systems.
Who it suits: Buyers who value location over condition, are comfortable with older homes, and have some appetite for improvement work. The low assessed value makes this a strong candidate for someone looking to build equity through renovations—or for an investor seeking a lower-entry property in a central neighbourhood. It’s less suited to someone wanting a move-in-ready home with modern finishes, or anyone concerned about resale value in the near term.
Frequently Asked Questions
1. Why is the assessed value so low compared to other homes on the same street?
Assessed value reflects the city’s estimate of market value, which lags behind actual sale prices—especially in rising markets. On McDermot Avenue, the average assessment is $214k, but many homes may have been updated or sold more recently. This property’s 1903 build and likely original or dated finishes keep its assessment low. That can mean lower property taxes, but you should confirm actual tax rates with the city.
2. Is a 1903 home likely to have major structural or system issues?
It depends on maintenance history, which isn’t provided here. Homes of that era often have knob-and-tube wiring, lead or galvanized plumbing, and foundations that may need attention. Insulation and energy efficiency are almost certainly below modern standards. A thorough home inspection—especially of the electrical, plumbing, roof, and foundation—is strongly recommended before purchase.
3. How does the 3,385 sqft lot compare to typical Winnipeg lots?
It’s smaller than citywide average (6,570 sqft) but typical for the West Alexander neighbourhood. Older central neighbourhoods like this one were developed with tighter lot patterns. That can mean less yard maintenance, but also less privacy and limited space for additions or large gardens.
4. What are the implications of being in the bottom 1% for year built citywide?
It means the home is among the oldest stock in Winnipeg. That can appeal to buyers who value heritage character, solid old-growth lumber, and established neighbourhoods. On the flip side, insurance premiums can be higher, financing may be stricter (some lenders are wary of very old homes), and unexpected repair costs are more likely than with a newer build.
5. Does the “neighbourhood analysis” map show recent sales or only assessments?
The linked neighbourhood analysis page allows you to compare this property’s year built, living area, assessed value, and lot size to nearby homes on a map. It typically uses assessed values and property records—not recent sale prices. For current market activity, you’d need to check MLS listings or speak with a local real estate agent familiar with the West Alexander area.