656 Magnus Avenue – Property Summary
Key Characteristics & Buyer Profile
This is a 1,754-square-foot home built in 1910 on a 3,573-square-foot lot, located on Magnus Avenue in Winnipeg’s William Whyte neighbourhood. Its standout feature is size: the living area ranks in the top 4% on the street and top 8% in the area, making it significantly larger than nearby homes. The assessed value sits at $226,000—above the street and neighbourhood averages, but well below the citywide median of $390,100. That gap suggests the property offers generous interior space at a price point that doesn't fully reflect its square footage relative to the broader market. The land area is average for the street but above average for the neighbourhood, though small by citywide standards.
The appeal lies in getting a large older home in an area where most comparable houses are smaller. The neighbourhood itself (William Whyte) is an established inner-city area with older housing stock. Buyers drawn to this property are likely looking for space over finish—someone willing to invest in a home with character (1910 build) and room to spread out, without paying a premium for a trendy or high-appreciation location. It may also suit an investor or buyer confident that the assessed value undervalues the square footage compared to city averages. The home is not for someone seeking modern, move-in-ready convenience or a large lot.
Five FAQs
1. Why is the assessed value below the citywide average when the home is so large?
Older homes in inner-city neighbourhoods like William Whyte often appraise lower than newer construction in suburban areas. The $226,000 value reflects local market conditions, not necessarily the home’s physical size or condition. Buyers should compare it to similar sales in the immediate area rather than citywide figures.
2. How does a 1910 build affect upkeep and renovations?
Older homes may have outdated electrical, plumbing, or foundation work. The year-built ranking (top 70% on the street) means many nearby homes are newer, but 1910 is still relatively old. Buyers should budget for potential system upgrades, especially insulation and windows, and factor in lead or asbestos risks typical of that era.
3. Is the land size a limitation?
The lot is 3,573 square feet—average for the street but small compared to Winnipeg’s citywide norm of 6,570 square feet. That means less yard space and limited room for additions or large gardens. It’s a trade-off for being in a denser, older part of the city.
4. Who typically buys in William Whyte?
The area attracts first-time buyers priced out of more central neighborhoods, investors looking for affordable entry points, and those who value walkable access to downtown or the North End. It’s not a high-demand area, so resale value may grow slowly compared to other parts of Winnipeg.
5. What does “top 88% citywide” for assessed value actually mean?
This property ranks in the bottom 12% of assessed values across Winnipeg. Put simply, it’s one of the cheaper homes in the city by tax assessment. For a buyer, that means lower property taxes, but also that the neighbourhood’s overall property values are lower, which could affect future appreciation.