721 Pacific Avenue – Property Summary

Key Characteristics & Buyer Profile

This is a 940 sqft home on a 2,589 sqft lot, built in 1905, with an assessed value of $137,000. The property sits below average in nearly every metric when compared to its street, neighborhood, and citywide benchmarks—but that’s precisely where its practical appeal lies.

The living area is modest but competitive for the street (top 50%), while the assessed value ranks low even by local standards (top 77% on the street, top 75% in the neighborhood, and in the bottom 2% citywide). The lot is smaller than most nearby homes, and the year built places it among older properties in Winnipeg. None of these numbers are flashy, but together they point to a property that is likely undervalued relative to its immediate surroundings.

This home would suit a buyer who is comfortable with an older structure and sees value in a lower entry price. It’s a realistic option for first-time buyers, small families, or investors looking for a property in a mature, central neighborhood (West Alexander) where land and homes tend to be more expensive than what this one’s price suggests. The appeal isn’t curb appeal or modern finishes—it’s affordability in a location where comparable homes are generally valued higher. A buyer who is handy or willing to renovate could find solid long-term potential here.

Frequently Asked Questions

1. How does this property compare to other homes on Pacific Avenue?
On the street level, it sits around average for living area and land size, but below average for assessed value and year built. That means it’s a relatively older, less expensive home on a block where the typical house is newer and worth more.

2. Why is the assessed value so low compared to the citywide average?
The citywide average assessed value for comparable homes is $390,100, while this property is assessed at $137,000. The gap reflects the home’s smaller living area, older construction, and smaller lot—but also suggests the property may be priced more affordably than many other entries into the Winnipeg market. Keep in mind assessed value is not the same as market value, but it does indicate the city’s valuation for tax purposes.

3. Is the land size a disadvantage?
At 2,589 sqft, the lot is smaller than the neighborhood average of 3,591 sqft and citywide average of 6,570 sqft. For buyers who prioritize yard space or future expansion, this could be limiting. However, smaller lots often mean lower maintenance and can be an advantage in older, denser neighborhoods where land is at a premium.

4. What does “ranking top 98% citywide” mean for year built?
The property is ranked 190,409 out of 194,458 homes citywide—meaning only about 4,000 homes are older. This puts it in a very small category of pre-1910 houses in Winnipeg. Older homes can have charm, solid construction, and character, but they may also require more upkeep for systems like plumbing, electrical, and insulation.

5. How should I use these rankings when deciding whether to view the property?
Consider the rankings as a relative gauge, not a final verdict. The home underperforms city averages in nearly every category, but that also means it’s likely one of the more affordable options in its neighborhood. If your priority is location over size or modern condition, this property may offer better value than newer, pricier alternatives nearby. A side-by-side comparison with neighboring homes (available via the neighbourhood map) will give you a clearer sense of what you’re getting into.