29 Henday Bay – Property Summary

Key Characteristics & Buyer Profile

This property stands out for its exceptionally large lot. At 13,072 square feet, the land area ranks in the top 3% on the street, in the neighbourhood, and across Winnipeg. The house itself is a 1,334-square-foot bungalow built in 1961, with living space that’s slightly above average for its street but around average citywide. The assessed value of $413,000 is notably strong for the immediate street (top 10%), though it sits closer to the neighbourhood and city medians when you account for the larger context.

The appeal here isn’t the house size—it’s the land. For someone looking to hold a well-located property with future subdivision or redevelopment potential, this lot offers rare flexibility. The home is older and modest in size, so it may not suit buyers seeking move-in-ready finishes or open-concept layouts. It would likely appeal to investors, builders, or homeowners willing to renovate or eventually rebuild. Families who value outdoor space and a quiet street may also find it worthwhile, especially given that the neighbourhood average for living area (1,372 sqft) and land (6,491 sqft) suggests nearby homes are far more constrained.

Less obvious: Because the house is among the older ones in Westwood (top 87% by year built means comparatively old for the area), and assessed value is already above average, there may be some tax upside if you plan to renovate rather than demolish—older homes can sometimes qualify for municipal improvement grants or reduced reassessment penalties after upgrades. Also worth noting: the lot is nearly double the average for the street, which could affect financing or insurance, as some lenders and insurers treat oversized lots differently than standard ones.

Five Frequently Asked Questions

1. Is the house liveable as-is, or does it need major work?
The listing data doesn't include condition details, but the 1961 build and average living area suggest original or minimally updated systems. A home inspection would be essential. That said, the assessed value being above average for the street indicates the property (land inclusive) is valued higher than most neighbours—so the structure likely has some functional value, not just land value.

2. What could I do with a 13,072 sqft lot in Westwood?
This lot is large enough that subdivision may be possible, depending on zoning. Westwood is largely zoned for single-family residential, but some properties with oversized lots have been split in recent years. Check with Winnipeg's planning department. Even without subdivision, the extra space for a shop, garden, or addition is a major advantage compared to the 6,800 sqft average on the street.

3. How does the assessed value compare to recent sale prices in the area?
Assessed value is a baseline, not a market price. In Westwood, 2024 sales have ranged roughly 5–15% above assessment for well-maintained homes on standard lots. For a property with this much land, the sale price could exceed assessment more significantly if there's competition from developers. Conversely, if the house needs extensive repairs, the sale price could be closer to or slightly below assessed value.

4. What are the property taxes likely to be?
Winnipeg property taxes are roughly 2.5–3% of assessed value annually. At $413,000 assessed, expect taxes in the range of $10,300 to $12,400 per year. This is higher than the street average (since assessed value is higher), but the land contributes more to the tax bill than the house would. That’s worth factoring in if you plan to hold the property vacant while deciding on redevelopment.

5. Does the older build date affect insurance or mortgage eligibility?
Insurance for a 1961 home can be slightly higher, especially if the electrical, plumbing, or roof haven't been updated. Some insurers may require an electrical safety inspection. For mortgages, most lenders will finance a 1961 home without issue, but if the home is considered unliveable (no kitchen, major structural issues), you may need a renovation mortgage or cash purchase. The large lot alone isn't a problem for standard financing, but it can increase property insurance premiums slightly.