504 Pritchard Avenue – Property Summary
Key Characteristics & Buyer Profile
This is a 1,470-square-foot home built in 1905, situated on a 3,485-square-foot lot in the William Whyte neighbourhood of Winnipeg. The property’s standout feature is its living space: it ranks in the top 10% on its street and top 18% in the area for square footage, significantly outpacing local averages. The assessed value, however, is notably low—ranking near the bottom citywide—which creates a distinct gap between the physical size of the home and its perceived market worth. The land area is modest by city standards but above average for the immediate neighbourhood.
The appeal here is largely about space per dollar. A buyer gets a house that’s well above the typical size in its area, yet at an assessed value that suggests pricing is anchored to the lower end of the market. This tends to attract buyers who are willing to look past surface condition or location prestige in favour of square footage and potential equity. The home likely suits someone with renovation skills or an investor comfortable with older properties—1905 construction means systems and finishes may need attention, but the size offers room to add value that the current assessment doesn’t fully reflect. It’s less suited for someone seeking a move-in-ready home with modern finishes, or for buyers who prioritize a newer build and higher assessed-value stability.
Frequently Asked Questions
1. Why is the assessed value so low compared to the living area?
Assessed value reflects a combination of factors including location, condition, and recent sales of comparable properties. In this case, the living area is large for the street and neighbourhood, but the home’s age (1905) and its position in a lower-appreciation area likely weigh heavily on valuation. The low assessment can also indicate that the property hasn’t seen significant recent upgrades that would raise its taxable value.
2. How does the land size compare to other properties in the area?
The lot is 3,485 square feet, which is above average within the William Whyte neighbourhood (ranking top 30%) but below the typical citywide lot size. This means you get more outdoor space than many nearby homes, though it’s not a large yard by broader Winnipeg standards. If you’re comparing only within the neighbourhood, the land is a relative asset.
3. Is the home’s age a concern for financing or insurance?
Many lenders and insurers are comfortable with older homes, but a 1905 build may trigger additional requirements, such as a full inspection or proof of updated wiring, plumbing, or roofing. Some insurers may charge higher premiums or exclude certain coverage for knob-and-tube wiring or old foundations. It’s wise to check with your provider before making an offer.
4. What does “ranked top 10% for living area” actually mean in practical terms?
It means that out of 684 comparable homes on Pritchard Avenue, only about 68 are larger. This isn’t just a slight edge—it’s a real size advantage. In practical terms, you’re getting a home that likely feels noticeably roomier than neighbours, with extra space that could be used for bedrooms, a workshop, or storage. However, size alone doesn’t guarantee layout efficiency, so viewing the floor plan is important.
5. Could the low assessed value mean the property is a good investment for flipping or renting?
Potentially, but it depends on your timeline and budget. The gap between size and value suggests there’s room to increase the property’s worth through renovations, especially if you can modernize the kitchen, bathrooms, or mechanicals. That said, resale value is also tied to the neighbourhood’s overall trajectory, which has been slower than many parts of Winnipeg. For rental income, the large living area could attract tenants looking for space at a lower rent point, but older homes often come with higher maintenance costs that eat into cash flow.