381 Magnus Avenue – Property Summary
Key Characteristics & Buyer Profile
This is a compact, older home in Winnipeg’s William Whyte neighbourhood with an 880 sqft living area and a land parcel of 3,348 sqft. Built in 1907, it sits below the citywide averages for both size and age, and its assessed value of $82,000 reflects that. On its own street (Magnus Avenue), the living area is around average, but the assessed value ranks near the bottom—95th percentile—meaning it’s one of the lower-valued homes on the block. The year built also trails most nearby houses by about 30 years, though the land area is fairly typical for the street and neighbourhood.
The property’s main appeal is its low price point, both relative to the surrounding area and citywide. In a neighbourhood where the typical home is assessed at $149,000, this one sits at roughly half that. That could be attractive for first-time buyers who want to enter the market with a lower-cost property, or for investors looking for a fixer-upper or a teardown where land value may offer future upside. The lot is small by city standards but not unusually tight for the immediate area, which means expansion potential is limited but not impossible.
Buyers should expect a home that needs attention. The data suggests it’s an older, modest house in a working-class neighbourhood. It’s not well-suited for someone seeking a move-in-ready home or a larger family space. It would suit someone who’s comfortable with renovation work, or who prioritizes affordability and location over current condition.
Frequently Asked Questions
1. Why is the assessed value so much lower than the neighbourhood average?
The $82,000 assessment is roughly 55% of the neighbourhood average ($149,100). This likely reflects the smaller living area (880 sqft vs. 1,158 sqft neighbourhood average) and the older age of the home (1907 vs. 1927). It may also be in below-average condition compared to other homes in William Whyte.
2. How does the lot size compare to other properties?
The land area of 3,348 sqft is around average for Magnus Avenue (3,518 sqft) and William Whyte (3,277 sqft), but well below the citywide average of 6,570 sqft. So while the lot is typical for this immediate area, it’s considered small relative to single-family homes across Winnipeg.
3. Is the neighbourhood considered desirable?
William Whyte is an older, inner-city neighbourhood with a mix of post-war and early-1900s housing stock. It’s not a high-demand area by citywide standards—rankings show it’s in the bottom quarter for living area and assessed value. That said, it’s close to downtown and amenities, and affordability is a draw for budget-conscious buyers.
4. What kind of renovations might be needed for a 1907 home?
Without seeing the actual condition, it’s safe to expect major systems are aged: electrical, plumbing, and likely the roof. The foundation may need inspection. The smaller size and older construction could mean lower insulation and window efficiency. A thorough home inspection is strongly recommended.
5. Could this property be a good investment?
Potentially, but mostly if you’re buying for the land or a full renovation. The low assessed value leaves room for upside if comparable homes in the area rise in value, but the home itself is likely a tear-down or a major reno project. It’s not a classic “starter home” unless you’re comfortable with extensive work. Rental income potential would depend on the condition after repairs.