Here is a clean, standalone summary of the property at 705 Elgin Avenue.
Property Overview & Buyer Profile
Key Characteristics & Appeal
This is a 1,232 sqft home built in 1905, situated on a 3,120 sqft lot in the West Alexander neighborhood of Winnipeg. Its primary appeal lies in its relative affordability compared to citywide averages. The assessed value of $160k is well below the citywide average of $390k, placing it in the bottom 4% of comparable homes across Winnipeg. While the living area and land size are modest by city standards, they sit close to or slightly above the average for homes on the same street and within the neighborhood.
The property offers a clear trade-off: you get a home with functional space in a character-rich area, without the price tag of newer or larger properties elsewhere. The older build date (1905) is a key consideration, suggesting a need for ongoing maintenance and possibly updates, but it also points to the kind of established construction and neighborhood character that some buyers find desirable. It is a realistic, no-frills option for those prioritizing budget and location over move-in-ready perfection or expansive square footage.
Ideal Buyer
This property is best suited for a buyer who is price-conscious and sees value in an older home within an established urban neighborhood. It would work well for a first-time buyer looking to enter the market without stretching their finances, or for an investor seeking a lower-cost entry point in a central area of Winnipeg. It is also a good candidate for someone with some renovation skills or a tolerance for older-home quirks, as the low assessed value leaves room for sweat equity and improvement over time.
Frequently Asked Questions
1. How does the assessed value compare to other homes nearby?
On your street, it is lower than average, ranking in the top 58% (meaning 42% are valued higher). Within the West Alexander neighborhood, it is in the top 62%. The major difference is citywide, where it is in the bottom 4% of all comparable homes. In short, it is priced affordably for its street and area, and very affordably for the city as a whole.
2. Is the living space considered small for the area?
Not really. At 1,232 sqft, it is slightly above the neighborhood average of 1,299 sqft and well above the street average of 1,113 sqft. It ranks in the top 31% on Elgin Avenue and top 47% citywide. It is a solid, average-to- slightly-above-average size for a home of this type in this part of Winnipeg.
3. What should I know about a house built in 1905?
A home this age likely has strong bones—old-growth lumber and solid masonry—but expect older systems (plumbing, electrical, heating) that may need upgrading. Also look for potential issues with insulation, foundation settling, and window efficiency. The upside is that many historical homes in this range have manageable floor plans that are straightforward to modernize without being overwhelming.
4. How does the lot size compare?
The land area of 3,120 sqft is smaller than average for both the street (3,608 sqft) and the neighborhood (3,591 sqft). Citywide, it is quite small (top 86% of homes have larger lots). If you are looking for a big yard or space for expansion, this property will feel tight. It is better suited for someone who wants a manageable outdoor area with less upkeep.
5. Is this a good investment for resale potential?
The low entry price in a stable, older neighborhood like West Alexander can offer good potential for upside, especially if you can improve the property over time. The home is already priced well below neighborhood averages, which provides a margin for appreciation. However, given its smaller lot and older construction, significant jumps in value will likely come from smart renovations rather than pure land value growth.