1488 Elgin Avenue W — Property Summary

Key Characteristics & Buyer Profile

This is a 1,040-square-foot home built in 1906, with a land area of 2,597 square feet and an assessed value of $166,000. Located on Elgin Avenue West in Winnipeg’s Weston neighbourhood, the property sits on a smaller-than-average lot for the area—about a third less land than the street average of 3,608 square feet. Its living space is slightly below the citywide average but actually above the neighbourhood average of 936 square feet, meaning it offers more interior room than many nearby homes.

The appeal here is pragmatic: a modest, older home with a low assessed value—$166,000 against a citywide average of $390,100—suggesting a relatively affordable entry point in a neighbourhood where values are also below the median. The home ranks in the top 29% of the area for living area, so you get decent square footage for the price, but the lot is compact and the house is over a century old. That age (bottom 2% citywide) means buyers should expect maintenance realities—older wiring, plumbing, or foundation quirks, but also possibly original character that’s been well-maintained.

This property suits first-time buyers willing to take on some renovation work, investors looking for a lower-cost asset in an area with average-to-below-average valuations, or anyone who values interior space over outdoor land. It’s less suited for families wanting a large yard or for buyers seeking a move-in-ready, low-upkeep newer home.

Five Possible FAQs

1. How does the assessed value compare to the property’s actual market price?
The assessed value is $166,000, which ranks below average on the street (top 54%) and well below the citywide average of $390,100. Assessment isn’t a direct market price—it’s a baseline for property tax—but it suggests the home is in a more affordable bracket. A realtor can provide local sale comparisons to gauge whether the asking price aligns.

2. What does “year built 1906” mean for insurance and maintenance?
Older homes often come with higher insurance premiums due to outdated electrical, plumbing, or roof conditions. You’ll want a home inspection focused on these systems. That said, many century homes in Weston have been updated over time. Check for knob-and-tube wiring, lead pipes, or asbestos—common issues in pre-1930s houses.

3. Is the small lot a disadvantage?
It depends on your needs. The lot is 2,597 sqft—below average for the street (3,608 sqft) and well below the citywide average (6,570 sqft). If you want a garden, room for additions, or privacy from neighbours, you may feel constrained. But smaller lots often mean lower upkeep and, in this price range, could be a trade-off for more interior space.

4. How does the neighbourhood compare to the rest of Winnipeg?
Weston ranks around average for assessed values (top 58% in the area) and above average for living area (top 29%). It’s a mixed, older established neighbourhood—not a high-growth area, but not declining either. You’re getting a home that’s typical for the street and solid for the neighbourhood, but priced well below citywide medians.

5. What might the rankings in this summary actually tell a buyer?
The rankings are useful for relative comparison, but they’re based on a database that may not reflect recent sales or renovations. For example, a home ranked “top 50% for living area on the street” means it’s average among similar homes—but if neighbours have added extensions, that average has shifted. Always verify data with an in-person visit and updated market comps.