11 Canoe Bay – Property Summary
Key Characteristics & Buyer Profile
This is a 1,040 sqft home built in 1967 on a 5,511 sqft lot, with an assessed value of $386,000. The property sits on Canoe Bay in Winnipeg's Westwood neighbourhood.
The home's strongest asset is its value relative to the street. It ranks in the top 14% for assessed value on Canoe Bay, meaning it's priced above most of its immediate neighbours while the living area falls below the street average. This creates a situation where you're paying for location and land positioning rather than square footage. The house itself is one of the newer homes on the street (top 8% by year built), though it's still a late-1960s build.
The lot is slightly below the neighbourhood average and well below the Westwood norm, so this isn't a property for buyers looking for generous outdoor space. The appeal lies more in the street-level value story and the fact that you're getting a home that ranks relatively well among Canoe Bay properties without being overpriced citywide (around average for Winnipeg as a whole).
This property would suit a buyer who values street-level positioning over raw space – someone who wants to own on a street where comparable homes carry higher assessments, perhaps for resale or equity reasons. It's less suited to families needing large living areas or significant yard space. First-time buyers who prioritize location over size might find the trade-off reasonable, as could investors looking for a property that sits above the street median in value.
Five Possible FAQs
1. Why is the living area ranked low on the street but the assessed value ranked high?
A smaller home can still carry a higher value if it's on a preferred street, has been well-maintained, or benefits from recent updates. In this case, the home is newer than many neighbours and likely in better condition, which lifts its assessment above what the square footage alone would suggest.
2. How does this property compare to others in Westwood?
It's below average for lot size and living area within Westwood, but around average for assessed value. That suggests you're paying a premium for the street itself rather than the house or property dimensions.
3. Is the lot size a concern for future additions or expansion?
At 5,511 sqft, the lot is smaller than the Westwood average (6,491 sqft). Any significant addition would require checking local setback and zoning rules, but the lot is not unusually small for the city overall – it's around average citywide.
4. What does "Top 8%" by year built mean for maintenance?
It means the home was built later than most on Canoe Bay, which may translate to newer mechanicals, roofing, or framing when compared to earlier 1960s or late-1950s neighbours. But it's still over 55 years old, so major systems should be inspected regardless of the ranking.
5. Why does the citywide ranking matter if the street ranking is strong?
Street and neighbourhood rankings tell you how the property fits locally. The citywide ranking gives context for resale value and market comparability. Here, the assessed value is around average for all of Winnipeg, meaning the home isn't overpriced for the broader market – the value story is primarily a local one.