Property Summary: 978 College Avenue, Winnipeg

Section 1: Key Characteristics & Appeal

This one-and-a-half storey home, built in 1948, sits on a notably spacious 4,102 sqft lot in the Burrows Central neighbourhood. Its primary appeal lies in its land value and location-specific context. The lot size is well above average for both the immediate street and the broader neighbourhood, offering significant outdoor space or future potential that is rare for the area. With a modest 982 sqft living area and no basement or garage, the property is a straightforward, entry-level opportunity.

The home would best suit a value-focused buyer looking for a land play, a hands-on owner willing to update a classic structure, or an investor seeking a rental property with a low assessed value. Its recent sale history shows a sharp appreciation between 2020 and 2023, suggesting growing interest in the location. A thoughtful perspective is that while the home’s living space is compact city-wide, it is actually typical for Burrows Central, positioning it as a practical, no-frills option in a community where larger lots are the true premium. The appeal isn't in luxury finishes, but in the underlying asset and the chance to own a standalone home with room to breathe or expand.

Section 2: Frequently Asked Questions

1. Why is the assessed value so much lower than the city-wide average?
Assessed values are relative. This home’s assessment is typical for its neighbourhood and street, reflecting local market conditions. The dramatically lower city-wide average includes all property types, from newer suburban homes to high-value downtown condos, which isn't a direct comparison.

2. What does "no basement" mean for storage and utilities?
The home has no below-ground basement. Utilities like the furnace and water heater will be on the main floor, and storage space will be limited to the main and upper floors, possibly requiring creative solutions or a shed for the generous yard.

3. Is the large lot a good opportunity?
Potentially, yes. The lot is larger than most in Burrows Central and on College Avenue itself. This provides more private outdoor space than neighbours and could allow for additions, a garden, or future development, subject to zoning bylaws.

4. How does the 2023 sale price compare to the assessed value?
The home sold for $21,200 in March 2023, which was above its current $18,800 assessed value. Assessments are for taxation and can lag behind market sales; the sale price is a stronger indicator of recent market value.

5. What should I consider about the home's age?
Built in 1948, it is newer than many homes on its street and in the neighbourhood. However, any home of this age will likely require updates to major systems like wiring, plumbing, and insulation. A thorough inspection is essential to understand the condition and modernization needs.