491 Magnus Avenue – Property Summary
Key Characteristics and Target Buyer Profile
This is a 768-square-foot home built in 1953 on a 3,304-square-foot lot in Winnipeg’s William Whyte neighbourhood. The property’s strongest feature is its age relative to the surrounding area—it’s newer than 76% of homes on Magnus Avenue and 82% of homes in the neighbourhood, where the average build year is 1937. That means fewer major structural updates may be needed compared to older nearby houses.
The assessed value sits at $145,000, which is slightly below the street average ($178,000) and close to the neighbourhood average ($149,000). The living area is notably compact, ranking in the bottom quarter city-wide. The land area is around average for the street and neighbourhood but well below the city average.
Where the appeal lies: This property offers an entry point into a central neighbourhood without the premium often attached to newer or fully renovated homes. The below-average square footage keeps the price accessible, while the relatively recent build year (for the area) reduces the likelihood of immediate major work. It’s a straightforward, no-frills property in an area where many homes are older and smaller lots are common.
Who it suits: First-time buyers looking for affordability in a central Winnipeg location, investors seeking a low-cost rental or flip opportunity in a working-class neighbourhood, and owner-occupiers who don’t need a lot of indoor space and are comfortable with a modest footprint. It’s less suited for families needing large rooms or a generous yard, or for buyers looking for a move-in-ready property with modern finishes.
Frequently Asked Questions
1. How does the assessed value compare to the purchase price I might expect?
The city assessment of $145,000 is slightly below the street average and neighbourhood average. In practice, sale prices in William Whyte can vary widely depending on condition, upgrades, and market timing. This assessment suggests a realistic price range close to or just below the neighbourhood median, but a home inspection and recent sales data for similar units would give a clearer picture.
2. Is this a good property for a renovation or flip?
Potentially. The land-to-building ratio is reasonable for the area, and the lot size (3,304 sqft) is typical for the street. Because the home was built in 1953, its structure is likely simpler than a much older house, which can mean lower renovation costs. However, the small living area limits how much value you can add through square footage expansion unless you build an addition or finish a basement (if one exists—this listing does not specify).
3. Why is the citywide ranking so low for living area and assessed value?
Winnipeg includes many newer, larger suburban homes with much higher square footages and values. This property is small and located in a older, more modest central neighbourhood, so it naturally falls toward the bottom city-wide. That’s not a red flag—it simply reflects that the property is not competing with suburban single-family homes in pricier areas.
4. What does the neighbourhood analysis map show that the rankings don’t?
The map gives a side-by-side visual of nearby homes, showing how this property’s year built, lot size, living area, and assessed value compare to its immediate neighbours. This is useful because street-level and neighbourhood rankings average out a broad area, while the map reveals whether this home is an outlier on its block or part of a consistent pattern.
5. Should I be concerned that the property is below average in so many categories?
Not necessarily. Below average can mean lower competition and a lower entry price. The home is newer than most on the street, its assessed value is close to the neighbourhood norm, and the lot size is typical. The smaller living area is a trade-off for affordability. The key is to see whether the home itself is in decent condition and whether the size meets your needs, rather than focusing on rankings alone.