Property Summary: 1061 Magnus Avenue

Key Characteristics & Appeal

This is a modest, one-and-a-half storey home built in 1908, situated on a smaller lot in Winnipeg's Burrows Central neighbourhood. With 884 sqft of living space and an unrenovated basement, it presents as a straightforward, no-frills property. Its primary appeal lies in its accessibility and value. The recent sale price of $100k is significantly below city-wide averages, positioning it as a genuine entry point into the market. This isn't a move-in-ready showhome, but a practical canvas.

The property would suit first-time buyers seeking the lowest possible price of entry to build equity, or investors looking for an affordable rental asset. Its below-average assessed value also suggests potential for property tax savings relative to larger homes. A thoughtful perspective for the right buyer is the value of a smaller lot: lower maintenance costs and less time spent on yard work, which can be a practical advantage. While the home ranks below average in most metrics for its area, it offers a rare combination of an extremely low price in a central Winnipeg location, representing a specific type of opportunity over immediate comfort.

Frequently Asked Questions

1. What does "below average" in these rankings actually mean for me?
It primarily provides context. For example, the land area is smaller than most in the city, and the home is older than roughly 75% of those on its street. This data helps explain the lower price and sets realistic expectations for the property's scale and potential update needs.

2. Why is the assessed value so much lower than the sale price?
Municipal assessed value for taxation purposes and market sale price are determined differently. The recent sale at $100k is the current market value. The low assessment, however, indicates that the property has historically been valued well below the city's average, which typically results in correspondingly lower property tax bills.

3. The basement is noted as "not renovated." What condition should I expect?
You should expect a basement in original or utilitarian condition, likely with concrete walls and floors, and designed purely for storage, laundry, or mechanical systems. It is not a finished living space and may require attention to moisture control or insulation.

4. How does this price compare to nearby recent sales?
The home sold for $100k in December 2024. Nearby reference properties have assessed values ranging from $13.5k to $31.5k, but assessed value is not sale price. This sale price is positioned as "below average" for the neighbourhood, indicating it was likely among the most affordable options available at the time.

5. Who might this property NOT be suitable for?
It is likely not a fit for buyers seeking modern finishes, ample living space, a large yard, or a garage. It also may not suit those unwilling to handle gradual updates or maintenance common in a century-old home. The appeal is squarely in affordability and location, not in turn-key convenience or size.