488 Raquette Street

Here is a clean, standalone summary of the property at 488 Raquette Street, written in a natural and grounded tone.

Property Summary: 488 Raquette Street

Key Characteristics & Appeal

This is a single-family home built in 1961, located in Winnipeg’s Westwood neighbourhood. The living area is 993 square feet, which is below average compared to other homes on the same street, in the neighbourhood, and across the city. The assessed value is $320,000, also below average relative to nearby properties, though it sits near the citywide median. The standout feature is the lot size at 5,639 square feet—significantly larger than most other homes on Raquette Street, ranking it in the top 15%. In short, this property offers a modest house on an unusually spacious lot.

The appeal here is practical rather than flashy. Buyers are likely to be people who prioritize outdoor space over interior square footage. It suits someone who sees potential in a smaller home on a good-sized lot: first-time buyers looking for a foothold in a stable area, or renovators who want to expand or redevelop the property. The home itself may need updates or thoughtful improvements, but the land is a solid, above-average asset. It’s not a roomy, move-in-ready home by city standards, but it offers flexibility that a tighter lot wouldn’t.

Five Frequently Asked Questions

1. Why is the lot size considered a highlight when the house is quite small?
On this street, most homes sit on lots around 5,345 square feet. This property’s lot is larger than 85% of its immediate neighbours. For many buyers, land holds long-term value and offers room for additions, a large garden, a workshop, or even a future subdivision—depending on zoning. The house is the smaller part of the package here.

2. Is the below-average living area a dealbreaker?
It depends on your needs. At 993 square feet, the home is compact compared to the city average of roughly 1,342 square feet for similar properties. It’s suitable for singles, couples, or small families who don’t need a lot of indoor space. If you’re used to a larger open-concept layout, you’ll likely feel the difference. The trade-off is having more land outside.

3. How does the assessed value compare to similar homes in the area?
The $320,000 assessed value is about $24,000 below the street average and more than $70,000 below the Westwood neighbourhood average. Citywide, it’s slightly below the median. This suggests the home is priced relatively affordably for the area, likely reflecting its smaller living area and older construction rather than any major issue with the location itself.

4. What does “built in 1961” mean for maintenance or renovations?
A home this age will likely have older systems (plumbing, electrical, heating) that may need attention. On the street, it’s one of the earlier builds (ranked in the bottom 25% by year), so it’s not the newest house in the area. Buyers should budget for potential updates, but older homes can also have solid construction and mature landscaping that newer builds lack.

5. Is Westwood a good neighbourhood for this type of property?
Westwood is an established residential area. The property ranks near the bottom for living area and assessed value in the neighbourhood, meaning it’s on the more modest side of local homes. This isn’t unusual for older starter homes. The location itself is stable—close to amenities, schools, and main routes—and the large lot gives you room to improve the property over time, which can be a smart move in a neighbourhood with generally higher property values.