355 Magnus Avenue – Property Summary
Key Characteristics & Buyer Profile
This 1,444 sqft home on Magnus Avenue stands out primarily for its generous living space. On its own street, it ranks in the top 10% for living area—well above the street average of 1,017 sqft. At the neighbourhood level (William Whyte), it remains in the top 20%, and citywide it sits near average. In short, you’re getting a good amount of indoor space for the price.
The assessed value of $177,000 is roughly in line with other homes on Magnus Avenue but significantly below the citywide average of $390,000. This reflects both the property’s older age and the neighbourhood’s current market. Speaking of age: the house was built in 1883, making it the oldest on the street and one of the oldest in the city. Land area is modest at 2,728 sqft—below average for both the street and the city.
Where the appeal lies: The main draw is space per dollar. Buyers who prioritize square footage over a modern build or a large lot will find real value here. The property also sits in a neighbourhood where assessed values are rising relative to the rest of the city—ranked top 27% locally—suggesting potential for future appreciation if the area continues to improve.
Who it suits: This home would work well for buyers who are handy or willing to invest in updates, given its age. It’s less suited for someone seeking a turnkey property or a large yard. First-time buyers looking for room to spread out without stretching their budget, or investors targeting older homes in transitional neighbourhoods, are the most likely fits.
Frequently Asked Questions
1. How does the age of the home affect maintenance?
Built in 1883, this is an old house even by local standards. Expect that major systems (plumbing, electrical, foundation, roof) may need attention or have already been updated. A thorough inspection is essential. Older homes often have good bones but can require ongoing care that a newer build wouldn’t.
2. Is the assessed value realistic compared to what I’d pay?
Assessed value is a city estimate for tax purposes, not a market price. At $177,000, it’s below the citywide average, but sale prices in William Whyte can vary widely depending on condition and renovations. Use it as a starting point, not a final number.
3. Why is the land area smaller than the neighbourhood average?
The lot is 2,728 sqft, while the neighbourhood average is 3,277 sqft. This is common for older inner-city homes, where lots were originally divided into narrower parcels. If outdoor space is a priority, verify that the yard meets your needs—it’s not a sprawling property.
4. How does this property compare to others in William Whyte?
It’s above average for living area (top 20%) and assessed value (top 27%), but below average for lot size and significantly older than most homes in the area. It occupies a specific niche: lots of indoor space, a modest yard, and a very old structure.
5. What should I look out for in an 1883 home?
Beyond standard inspections, check for knob-and-tube wiring, lead pipes, asbestos in insulation or flooring, and settling in the foundation. Original windows may be inefficient. Renovations may not have been permitted. A home this old can have charm, but it demands due diligence.