Property Overview

This one-storey home on Assiniboine Crescent in Winnipeg's Birchwood neighbourhood presents a distinct opportunity centered on its land. Built in 1946, the 1,660 sqft house sits on an exceptionally large, half-acre lot (22,428 sqft), which is its most defining feature. The property ranks in the top 5% for lot size on its street and the top 1% across all of Winnipeg, offering rare potential for expansion, gardening, or simply enjoying expansive private outdoor space. With a detached garage and no basement, the home itself may appeal to those seeking single-level living. Its recent sale in late 2023 at $490k, significantly above its assessed value, indicates a market premium paid for the lot's potential and location.

The appeal lies squarely in the land and location. It suits a buyer with a vision—whether that's enjoying an established, oversized yard as-is, planning a significant renovation or addition to the existing bungalow, or considering future redevelopment (subject to zoning). It would also attract those who value privacy and space within the city, a growing rarity. A less obvious perspective is that the modest assessed value relative to the sale price suggests the city's valuation is based primarily on the existing structure, highlighting the untapped value in the land itself. This property is likely not for the buyer seeking a turn-key modern home, but rather for the strategic purchaser, long-term investor, or someone prioritizing outdoor space over a large interior footprint.

Frequently Asked Questions

1. What does the large difference between the assessed value ($43.1k) and the 2023 sale price ($490k) mean?
Municipal assessed value for taxation purposes often lags behind market value, especially for older homes where the land value has appreciated significantly. This gap strongly indicates that the market price is driven by the valuable lot and location, not the existing structure.

2. Are there any concerns with a home built in 1946?
Prospective buyers should budget for a thorough inspection. Homes of this age may have outdated electrical, plumbing, or insulation, and the presence of materials like asbestos or lead paint should be investigated. The "no basement" feature also means all mechanical systems and living space are on the main floor.

3. What can be done with such a large lot?
Possibilities are extensive but subject to City of Winnipeg zoning bylaws. They could include adding a large garage or workshop, creating extensive landscaping or gardens, building a substantial home addition, or potentially subdividing the lot if local regulations allow. Always verify with the city planning department.

4. How does having no basement affect the property?
It simplifies the home's layout and eliminates concerns about basement moisture or flooding, but it also reduces storage and potential for below-grade living space. All utilities and storage will need to be accommodated on the main floor or in the detached garage.

5. The home ranks lower for "year built" on its street. Is that a disadvantage?
While the home is older than many in the area, this statistic is relative. It primarily confirms the neighbourhood has newer homes, but it doesn't diminish this property's core offering: the lot size. The older home on a premier lot is often what creates redevelopment or value-add potential.