Property Overview: 506 Waverley Street, Winnipeg
Key Characteristics & Appeal
This home at 506 Waverley Street in North River Heights is a classic, compact bungalow built in 1949. With 962 sqft of living space, it is notably smaller than most homes on its street and in the established neighbourhood, positioning it as a more affordable entry point into a desirable area. Its assessed value of $359k is below the local averages but aligns closely with the typical Winnipeg home, suggesting you are paying primarily for location here.
The appeal lies in its generous 5,724 sqft lot, which is above average for North River Heights, offering significant outdoor space and potential for expansion or gardening. The home suits first-time buyers, downsizers, or investors seeking a lower-priced foothold in a prime neighbourhood where land holds value. It’s a practical choice for those comfortable with a smaller interior footprint who prioritize a large yard and the mature, quiet streets characteristic of the area. A thoughtful perspective is that its smaller size and below-average assessment for the street could mean relatively lower property taxes compared to neighbouring homes, while still providing the same community amenities and prestige.
Frequently Asked Questions
1. How does the home’s size compare to others nearby?
At 962 sqft, the living area is significantly smaller than the average home on Waverley Street (~1,692 sqft) and in North River Heights (~1,540 sqft). It is a compact bungalow.
2. Is the assessed value in line with the area?
The $359k assessment is below the averages for both the immediate street and the broader North River Heights area. However, it is very close to the city-wide average, indicating the premium for the location is somewhat tempered by the home’s smaller size.
3. What are the advantages of the lot?
The 5,724 sqft land parcel is a key feature. It is larger than most lots in North River Heights, offering more private outdoor space than is typical for the neighbourhood.
4. When was it last sold and for roughly how much?
Public records indicate a sale between July 2017 for a price in the range of CA$250,000–300,000. Exact figures require a manual lookup.
5. What is the potential for future expansion or renovation?
The combination of a large lot and a smaller, older home suggests potential for additions or significant renovation, subject to local zoning and permit approvals. The existing structure provides a solid foundation to customize.