Property Overview: 192 Ramona Gallos Way, Leila North, Winnipeg

Key Characteristics & Appeal

This property presents a unique profile defined by its exceptionally low municipal assessed value of $14,600, which places it in the top tier for its immediate street but is significantly below averages for both the Leila North neighbourhood and Winnipeg overall. The land itself is a key asset—a 4,701 sqft lot that is above average for the city. The home lacks some common features (like a garage, finished basement, or pool), and data on the year built and living area is not provided.

Its primary appeal lies in its potential as a land-value opportunity or a foundational project. The low assessment suggests a property that is likely unimproved, severely dated, or in need of complete renovation, making it a candidate for a tear-down or a custom build. It would suit very specific buyers: investors or builders looking for a lot in a mature neighbourhood, or hands-on purchasers seeking a low entry point with the vision and capital to create value through substantial improvement. It is not a move-in-ready home and appeals to those focused on underlying value rather than present condition.

Frequently Asked Questions

1. Why is the assessed value so much lower than other homes?
Municipal assessments are based on a property's condition and market value as of a prior date. A value this far below area averages typically indicates a property that is considered to have minimal improvement value due to age, condition, or being essentially vacant land with a structure of little value.

2. What can I actually build on this lot?
You would need to consult the City of Winnipeg's zoning bylaws for the specific property to determine permitted housing types, building setbacks, height restrictions, and lot coverage rules. The nearly 4,700 sqft lot size provides a solid canvas for a new single-family home.

3. Are the utilities (water, sewer, gas) connected to the property?
This is a critical due diligence question. While services are likely available on the street, you must verify the cost and process of connecting the existing property, especially if the current structure is not habitable.

4. How does the low assessment impact property taxes?
While taxes are calculated using the assessed value, they also depend on the annual municipal mill rate. The taxes will be very low currently, but any new construction or major renovation will trigger a reassessment, significantly increasing the tax bill in future years.

5. What are the real costs beyond the purchase price?
Budgeting must go far beyond the listing price. Major considerations include demolition costs (if needed), connection fees for utilities, architectural plans, permitting, and full construction costs. Financing such a project also differs from a standard mortgage.