Property Summary: 282 Margaret Avenue

Key Characteristics & Appeal

This is a modest, century-old home (built 1922) on a notably generous lot in Winnipeg's Margaret Park neighbourhood. Its primary appeal lies in the land itself—at just under 5,000 sq ft, the lot size is well above average for its street and in line with broader area norms, presenting a clear opportunity for expansion, gardening, or future redevelopment. The 740 sq ft living area is compact, placing it below average in size comparisons at every level, which suggests a cozy, low-maintenance interior.

The home suits practical, value-oriented buyers. It's an ideal entry point for a first-time homeowner comfortable with a smaller footprint, or an investor looking for a property where the underlying land value is a significant portion of the asset. Its recent sale history shows steady appreciation, and its assessed value is modest relative to the city-wide average, indicating a potentially manageable tax burden. This isn't a move-in-ready showcase; its appeal is grounded in its fundamentals—land, location, and affordability—with the understanding that its true potential may be realized through updates or expansion.

Frequently Asked Questions

1. Is the house in need of major repairs due to its age?
While the 1922 build date indicates an older home, the property has been transactionally active, selling in 2017 and again in 2021. This suggests it has been maintained as a livable dwelling. However, a thorough inspection is essential to understand the condition of major aging components like wiring, plumbing, and the foundation.

2. What makes the lot size an advantage?
The lot is larger than most on the street. This provides more outdoor space than typical for the area and, crucially, offers flexibility. It could accommodate a significant addition, a detached garage, or a lush garden, which are rare options in more densely built rows.

3. How does the assessed value compare to likely market price?
The assessed value for tax purposes ($26,200) is significantly lower than the city-wide average and the home's last sold price range ($250k-$300k in 2021). This is common, as tax assessments don't equate to market value. The low assessment, however, generally points to a relatively lower annual property tax bill.

4. Is the neighbourhood investment-friendly?
The consistent sales activity on Margaret Avenue itself, with nearby homes selling, points to an active, in-demand local market. The property's history of price growth between 2017 and 2021 is a positive indicator for neighbourhood stability.

5. Why is the living area considered below average?
At 740 sq ft, the home is smaller than most comparable properties in Margaret Park (avg. ~1,047 sq ft) and Winnipeg broadly (avg. ~1,342 sq ft). This confirms the home's identity as a compact bungalow or cottage, prioritizing lot size over interior space. Buyers should be comfortable with efficient use of space.