Property Summary: 48 Private Davy Drive, Peguis, Winnipeg

Key Characteristics & Buyer Profile

This property’s defining feature is its exceptionally low assessed value. At roughly $48,000, it sits in the bottom 1% of homes on its street, within its area (Peguis), and citywide in Winnipeg. This is not a typical market-rate home; the assessed value is dramatically below the surrounding averages (street average ~$516,700, area average ~$488,300, city average ~$390,100). The lot itself is a modest 3,952 square feet, placing it slightly below the median for the street and area, though not unusually small citywide. No information is provided about the home’s age or living area square footage.

Where the appeal lies: The primary draw is extreme affordability. For a buyer with very limited capital, or someone looking for a property with a very low tax base, this represents a rare entry point into the Winnipeg market. It’s a niche property, not a conventional family home purchase.

Potential buyer types: This would suit an investor comfortable with significant renovation or redevelopment—someone buying primarily for the land value in a low-assessment context. It could also appeal to a cash buyer looking for a low-risk holding property, or a first-time buyer who is open to a fixer-upper and prioritizes minimal upfront cost over condition or location prestige. It is not suited for buyers seeking a turnkey home or even a standard mortgage-ready property within a conventional price range.

Five Possible FAQs

1. Why is the assessed value so low relative to area averages?
The assessment likely reflects the current condition of the structure itself—potentially a tear-down, severely outdated home, or a property with significant deferred maintenance. The land value is reasonable for the area, but the building's contribution to the total assessed value is minimal. The low ranking indicates the structure contributes far less value than nearly all other homes in Peguis and across Winnipeg.

2. What does the lot size (3,952 sq ft) mean for redevelopment?
It’s a standard city lot. It's smaller than the current street and area averages, but it is not unusually restrictive for the city overall. Before planning any major new build, you would need to verify zoning, setback requirements, and any easements with the City of Winnipeg. The size is workable for a detached home, but likely not for a multi-unit project without a variance.

3. Is it possible to get a standard mortgage for this property?
Unlikely. Most conventional lenders require a property to be in habitable condition for a mortgage to be issued. With such a low assessed value, a standard loan-to-value ratio may not work. This is almost certainly a cash-only purchase, or one requiring a specialized renovation loan (e.g., CMHC’s Green Home or a private lender), assuming the structure can be brought up to code.

4. How are property taxes calculated on a home with this low an assessment?
Property taxes are based on the total assessed value (land + building). With a $48,000 assessment, the annual property taxes would be proportionally very low—likely a few hundred dollars per year. This is a major financial advantage for an owner, but it also suggests the building itself contributes almost no taxable value.

5. What are the main risks of buying a bottom-1% asset like this?
The biggest risks are unknown structural issues (foundation, roof, wiring, plumbing) that could make the property unsafe or uninhabitable, and potential liens, back taxes, or title problems that are common with deeply discounted properties. You should also budget for a full home inspection (if the structure is accessible) and a title search, and be prepared for the possibility that the home may eventually need to be demolished rather than renovated.