697 Alexander Avenue – Property Summary

Key Characteristics & Buyer Profile

This 1912 home sits on a notably large lot on Alexander Avenue, offering a combination of space and value that stands out in its immediate area. The living area of 1,608 square feet ranks in the top 4% on the street and top 25% citywide, while the land area of 4,919 square feet places it in the top 5% on Alexander Avenue and top 16% in the West Alexander neighbourhood. Both metrics are well above the local averages—the typical home on this street has about 1,015 square feet of living space on a 2,977-square-foot lot.

The assessed value of $203,000 is slightly above the street average but sits in the bottom 10% citywide, reflecting a mix of older construction and a less centrally located corridor. While the home’s age (1912) is older than both the street and city averages, the size of the property and lot offer flexibility that newer, smaller homes in the same price range often lack.

This property would suit buyers who prioritize interior and outdoor space over a move-in-ready or recently updated home. It may appeal to those comfortable with an older house—whether for personal use, renovation, or as a long-term hold in a neighbourhood where lot values are driven more by size than by the structure itself. The combination of a top-ranked lot and below-median assessed value is relatively uncommon, suggesting the land is currently undervalued relative to its peers.

Frequently Asked Questions

1. How does this home’s assessed value compare to others nearby?
The assessed value of $203,000 ranks in the top 29% on Alexander Avenue, meaning it’s above average for the street. However, it’s only around average for the West Alexander neighbourhood and well below the citywide median of $390,100. This gap is largely due to the home’s age and the area’s price profile, not a reflection of the property’s physical size.

2. Why is the year built (1912) considered “below average” citywide but not in the neighbourhood?
Citywide, the average year built for comparable homes is 1966, so a 1912 home is notably older. Within West Alexander, the neighbourhood average is 1921, making this property close to typical for the area. Homes of this vintage are common in older, established parts of Winnipeg.

3. What does it mean that the lot ranks in the top 5% on the street?
Only 30 out of 608 homes on Alexander Avenue have a larger lot. At nearly 5,000 square feet, the land is about 65% bigger than the street average. This is a significant advantage for anyone wanting more outdoor space, room for an addition, or a property with development potential, though zoning and city restrictions would need to be verified separately.

4. Is this a good option for a first-time buyer?
It could be, especially if the buyer values space over a finished interior. The assessed value is relatively low, which may keep property taxes manageable. However, an older home often comes with deferred maintenance, so a thorough inspection is important. Buyers should factor in potential costs for updates, heating, and electrical systems.

5. How does the home compare to others in the same price range across the city?
At $203,000, this home offers far more living space and land than most properties at that price point citywide, where the average home is smaller and on a smaller lot. The trade-off is age and likely condition. For buyers willing to take on an older home, this property provides significantly more physical space than typical entry-level options elsewhere in Winnipeg.