509 Aberdeen Avenue – Property Summary

Key Characteristics & Buyer Profile

This is a modest, older home in Winnipeg’s William Whyte neighbourhood. The assessed value is $57,000—well below both the street average ($167,700) and the citywide average for comparable homes ($390,100). Ranking in the bottom 1% of assessed values at every level, this property is clearly not priced for its current market value in a conventional sense.

The land area of 2,998 sqft also falls below average for the street and neighbourhood, though it ranks higher citywide (top 90%) simply because many Winnipeg properties have much larger lots. The home was likely built around 1930, consistent with the surrounding area.

The appeal here is not in turnkey quality or land size, but in entry-point affordability. For a buyer willing to take on significant renovation or even a full rebuild, this property offers one of the lowest-cost ways to secure a lot in a central Winnipeg location. It suits investors looking for a gut renovation project, first-time buyers with strong DIY skills and a tolerance for older homes, or anyone who needs to get into the market with minimal upfront capital. It is not a home for someone seeking move-in readiness, modern finishes, or immediate equity growth without substantial work.

Five Possible FAQs

1. Why is the assessed value so much lower than the street average?
Assessed values reflect the city’s estimate of market value based on recent sales, condition, and comparables. A property ranked in the bottom 1% on its own street usually means the home is in notably poorer condition, smaller, or has other significant drawbacks compared to neighbours.

2. Does the low value mean I can negotiate a lower purchase price?
Not necessarily. The assessed value is a tax tool, not a list price. However, it does give you a strong reference point. If the asking price is far above $57,000, you have evidence that comparable homes on the street are valued much higher. You can use this to justify a lower offer, especially if you can document needed repairs.

3. What does “ranked #514 out of 520” on the street actually tell me?
It tells you that only 6 homes on Aberdeen Avenue have a lower assessed value. The fill colour (red/blue/amber/gray) on the ranking bar indicates how far you are from the median. In this case, the property is in the red tier, meaning it performs poorly relative to peers. It’s not a compliment, but it’s not a dealbreaker for the right buyer.

4. Is the land size a problem for adding an extension or building new?
Not necessarily. The lot is 2,998 sqft, which is smaller than the street average but still typical for older infill lots in central Winnipeg. Many homes in the area sit on similar-sized parcels. Just check the zoning and setback requirements before planning any additions—older neighbourhoods sometimes have tighter limits than newer suburbs.

5. What should I look out for on a property this old and low-valued?
Expect the obvious: an aging roof, likely older electrical and plumbing, possible foundation issues, and outdated insulation. Because the assessed value is so far below the street average, it’s worth getting a thorough home inspection and a contractor’s estimate before committing. The biggest risk is underestimating renovation costs, not the purchase price itself.