507 Pritchard Avenue – Property Summary

Key Characteristics & Buyer Profile

This is a 1,451 sqft home on a 3,548 sqft lot, built in 1903, located in the William Whyte neighbourhood of Winnipeg. Its assessed value is $120,000.

What stands out most is the size. The living area ranks in the top 11% on its street and top 19% in the neighbourhood—significantly larger than nearby homes. The land is also generous relative to the immediate area, sitting in the top 22% of the neighbourhood, though it's small by citywide standards.

The assessed value tells a different story. At $120,000, it's well below the street average ($182,200), neighbourhood average ($149,100), and a fraction of the citywide average ($390,100). This suggests the home is undervalued compared to its peers, or that the structure itself requires meaningful updates. Given the year built (1903), the latter is likely. This is an older home ranking in the bottom 6% on its street and bottom 1% citywide for age.

Where the appeal lies: For a buyer who values interior space and a larger lot over a move-in-ready, modernized home. The low assessed value opens the door for someone willing to take on renovation work—possibly with room to build equity if the structure is sound. It’s not a turnkey property, but it offers uncommon square footage for the price point.

Who it would suit: Renovators, investors looking for a value-add project, or buyers who prioritize square footage and lot size and are comfortable with an older home that likely needs updating. Less suited to someone wanting a low-maintenance, recently built house, or a buyer needing financing that requires a higher appraised value.

Five Possible FAQs

1. Is this a good candidate for a renovation loan or mortgage?
The low assessed value ($120K) against a larger-than-average living area may make it a strong candidate for a purchase-plus-improvements mortgage, like a CMHC Green Home or a conventional renovation loan. Lenders will weigh the after-repair value, so a proper inspection and contractor estimate are recommended.

2. Why is the assessed value so low compared to neighbourhood homes?
Several factors could be at play: the home is over 120 years old, which often brings outdated systems, foundation concerns, or deferred maintenance. Assessed value reflects the city’s estimate of market value, not replacement cost. The low value relative to the neighbourhood suggests the property has not been significantly upgraded in recent years.

3. How does the lot size compare to newer subdivisions?
The 3,548 sqft lot is typical for older inner-city Winnipeg. It's larger than most properties on its block (top 22% in the neighbourhood) but significantly smaller than average citywide lots (6,570 sqft), which are inflated by newer suburban developments. Expect a compact yard, not sprawling grounds.

4. What are the risks of buying a house built in 1903?
Common issues include outdated electrical (knob-and-tube or insufficient panel capacity), galvanized or lead plumbing, minimal insulation, potential asbestos in old flooring or pipe wrap, and foundation settlement. Lead paint is also a concern. A specialized home inspection with thermography and knob-and-tube detection is strongly advised.

5. Would this property make sense as a rental investment?
Potentially, yes. The purchase price may be low enough to achieve strong cash flow, even with modest rent. However, the age and condition mean higher-than-average maintenance reserves. An investor should run numbers assuming ongoing capital expenditures for major systems and possibly full gut renovations. The large floor plan might suit a multi-generational or shared rental arrangement.