488 Manitoba Avenue – Property Summary

Key Characteristics & Buyer Profile

This is a 1,200-square-foot home built in 1907, sitting on a 3,547-square-foot lot in the William Whyte neighbourhood. The property stands out more for its land than its building. While the house itself is slightly larger than the street average, its assessed value is significantly lower—ranking in the bottom 5% on Manitoba Avenue and bottom 1% city-wide. This mismatch suggests either a property in need of substantial renovation or a valuation that hasn't caught up to recent market shifts.

The lot size is above average for the immediate area (top 24% in William Whyte), which is notable for a neighbourhood of this age. The building is older than most nearby homes, though not unusually so for the area—the neighbourhood average year built is 1927.

This property would likely appeal to buyers who value a larger yard over a turnkey interior, or those comfortable taking on a significant renovation project. The low assessed value relative to land size creates potential equity upside for someone willing to invest in improvements. It may also suit buyers priced out of more finished homes in the area who are open to sweat equity. It is less suitable for someone seeking a move-in-ready home or a conventional mortgage-friendly property, as the condition likely ties to the low valuation.

Frequently Asked Questions

1. Why is the assessed value so low compared to nearby homes?
The assessed value places this property in the bottom 5% on the street and bottom 1% city-wide. This typically reflects below-average condition, outdated finishes, or functional obsolescence. It's worth understanding whether the low value is driven by deferred maintenance or a specific structural issue, as that affects whether a renovation is feasible within budget.

2. Is the 1907 build a concern for structural or system issues?
Homes from this era are common in William Whyte. The year built is around average for the neighbourhood but older than most homes city-wide. Likely considerations include knob-and-tube wiring, galvanized plumbing, foundation condition, and insulation levels. A thorough home inspection is strongly recommended.

3. How does the lot size compare, and what are the implications?
The land is 3,547 square feet, which is above average for the neighbourhood (top 24%) but below average city-wide. For this area, it's a comparatively generous lot—more outdoor space than typical infill properties. Zoning should be verified if there's interest in future subdivision or a secondary suite.

4. What is the living area's usability given the age of the house?
At 1,200 square feet, the living area is above average for the street but only slightly above the neighbourhood norm. The layout likely reflects early-20th-century design—smaller rooms, limited closets, and possibly a non-open-concept floor plan. Extending or reconfiguring may be needed to fit modern preferences.

5. Who typically buys properties like this in William Whyte?
Common buyers include investors looking for a low-entry-cost renovation play, first-time buyers with renovation skills and patience, or homeowners wanting a larger lot than newer infill homes provide. It is less likely to attract conventional buyers or those requiring a standard mortgage without significant repairs factored into the deal.