505 Magnus Avenue – Property Summary
Key Characteristics & Buyer Profile
This is a 1,240 sqft home on Magnus Avenue, built in 1903. The lot measures 2,727 sqft. Compared to other properties on the same street, the living space is notably generous—ranking in the top 18%. Within the William Whyte neighbourhood, it sits near the middle for size, and city-wide it's about average. The assessed value, however, is well below typical figures: it falls in the bottom 16% on the street, bottom 27% in the neighbourhood, and bottom 1% city-wide. That gap between a spacious interior and a low tax assessment is the central feature here. The house is old (even by local standards, where 1927 is the neighbourhood average), and the land is on the smaller side for the area. The appeal lies in getting significant interior square footage at a low assessed value—meaning lower property taxes relative to similarly sized homes nearby. This would suit a buyer who values interior space over lot size, is comfortable with an older home (1903 construction), and is looking for a property where the tax burden doesn't match the square footage. It may also appeal to someone who sees potential in a house that's under-assessed relative to its peers.
Frequently Asked Questions
1. Why is the assessed value so low compared to other homes with similar square footage?
The assessment reflects factors beyond just living area—including the age of the property, lot size, condition, and neighbourhood trends. At 1903, this home is older than the street and neighbourhood averages, and its lot is smaller than typical for the area. Those factors likely bring the valuation down despite the generous interior.
2. Is this a good investment property given the low taxes?
The low assessed value keeps property taxes modest, which can improve cash flow for a rental. But keep in mind that older homes often come with higher maintenance costs and may need updates to meet rental standards. The smaller lot also limits future redevelopment potential.
3. How does the square footage compare within William Whyte specifically?
It's slightly above average for the neighbourhood—ranking 570th out of 1,707 properties, in the top third. So it's not unusually large for the area, but it's comfortably bigger than the local median of roughly 1,158 sqft.
4. What should I look out for with a house built in 1903?
Original systems (electrical, plumbing, foundation) may need updating or already have been. It's worth checking for knob-and-tube wiring, lead pipes, and whether the foundation has settled. Older homes in this part of Winnipeg can also have issues with insulation and windows. A thorough inspection is strongly recommended.
5. Is the small lot a drawback or an advantage?
It depends on your needs. A smaller lot means less yard maintenance and a lower tax assessment. But it also limits outdoor space, parking expansion, or any future addition. If you're looking for a garden or room to build, this property would not be the best fit.