545 Magnus Avenue — Property Summary
Key Characteristics & Buyer Profile
This is a 1,215-square-foot home built in 1911, located on Magnus Avenue in Winnipeg’s William Whyte neighbourhood. Its most notable feature is the living area: at 1,215 sqft, it ranks in the top 20% on the street and top 36% in the neighbourhood, offering more interior space than many nearby homes of similar age. The assessed value, however, is significantly below average at $91,000—ranking near the bottom both locally and citywide. The land is modest at 2,463 sqft, placing it in the bottom 20% on the street and bottom 10% in the neighbourhood.
The appeal here is straightforward: you get a relatively roomy house for a low assessed price, but on a small lot in an older, more modest part of the city. This isn't a flashy property. It would suit a buyer who values square footage over curb appeal or lot size—someone looking for a functional, spacious interior without paying a premium for land or a trendy address. It may also appeal to investors or first-time buyers comfortable with an older home that likely needs updates, given the low valuation relative to the living area. The contrast between the above-average interior size and below-average land/value suggests this could be a place where the “bones” are good, but the finishes or overall market perception haven't kept up.
Frequently Asked Questions
1. Why is the assessed value so low compared to other homes on the street?
The assessed value of $91,000 is well below the street average of $178,000. This likely reflects the home's condition, age, and possibly a lack of major upgrades. It’s not unusual for a 1911 property in this price tier to need significant work, which the assessment may account for. However, because the living area is larger than average, the low value could also mean the house is undervalued relative to its square footage—worth investigating further.
2. How does the living area compare to newer homes in the city?
This home's 1,215 sqft is slightly below the Winnipeg average of 1,342 sqft for comparable homes, but it's still in the top half citywide (top 49%). In its own neighbourhood, it's above the 1,158 sqft average. So while not enormous by modern suburban standards, it's competitive for an older urban home and bigger than many on its own street.
3. Is the small lot a disadvantage for resale?
It depends. Smaller lots in older neighbourhoods often mean less yard maintenance and a more compact footprint, which some buyers prefer. However, in William Whyte, where the average lot is 3,277 sqft, a 2,463 sqft lot is on the small side. For resale, this could limit appeal to buyers wanting garden space or room for additions, but it may be less of a concern if the interior is the main draw.
4. What does the "Top 100%" citywide ranking for assessed value mean?
It means the home ranks in the bottom tier of assessed values across Winnipeg—specifically, #193,804 out of 194,458 homes. This is a very low value, even for its neighbourhood, where the average is $149,100. It underscores that this is one of the more affordable options citywide, which could be appealing for budget-conscious buyers, but also signals that it may require investment to bring it closer to local norms.
5. Should I be concerned about the 1911 year built?
A 1911 home can be a mixed bag. On one hand, older homes often have solid construction, high ceilings, and character features. On the other, they may have outdated electrical, plumbing, insulation, or foundation issues. The year-built ranking shows it's older than most homes on its street (average 1937) and far older than the citywide average of 1966. A thorough inspection is essential, but the fact that it's still standing and occupied suggests the structure has held up reasonably well over time.