508 Raquette Street

Property Summary: 508 Raquette Street, Winnipeg

Key Characteristics & Buyer Profile

This is a 1,040 sqft home built in 1961 on a 5,128 sqft lot in Winnipeg's Westwood neighbourhood. The property is valued at $309k.

What stands out: The lot size is the strongest feature. On Raquette Street specifically, this property ranks in the top 30% for lot size—meaning the yard is bigger than most homes on the same street. The house itself is modest: living space, age, and assessed value all fall below street and neighbourhood averages, but are roughly in line with citywide medians for comparable homes. In other words, what you gain in outdoor space, you trade off in interior square footage and newer construction.

Where the appeal lies: For someone who values a usable yard over a larger house, this property makes sense. The lot is noticeably more generous than what's typical on this block. The home’s age (early 1960s) also means it predates some of the more standardized building styles of the 1970s and later—there may be character or layout quirks that appeal to buyers who appreciate mid-century construction. The assessed value being well below the neighbourhood average ($392k) suggests this could be one of the more affordable entry points into Westwood, if the interior condition allows for it.

Who it suits: Likely first-time buyers or those looking for a smaller home with a decent-sized lot in an established neighbourhood. It’s less suited to someone wanting a move-in-ready, modern interior or a larger floor plan. The below-average rankings for living area and condition (implied by the assessment) suggest some renovation or updating may be needed. Buyers comfortable with that—or those specifically looking for a project property with good land value—would find this worth a closer look.

Frequently Asked Questions

1. How does this property compare to others on Raquette Street?
   It's below average for living area (ranked 103 out of 139 homes), below average for assessed value (130 out of 139), and older than most (104 out of 139). The one exception is lot size: it ranks 42nd, meaning the yard is larger than about 70% of homes on this street.

2. Is the neighbourhood of Westwood generally more expensive?
   Yes. The average assessed value in Westwood for comparable homes is $392k—about $83k higher than this property's assessment. The home ranks in the bottom 5% of the neighbourhood by value, which highlights how much more affordable it is relative to its immediate surroundings.

3. What does the assessed value of $309k tell me about the home's condition?
   Assessment doesn't directly measure condition, but lower values relative to the area often reflect smaller size, older age, or deferred maintenance. Given the living area and year built, it's reasonable to assume the home hasn't been significantly upgraded in ways that would raise its assessment. A home inspection would be important here.

4. How old is the house, and is that a concern?
   Built in 1961, it's slightly older than the street average (1963) and neighbourhood average (1966). Homes from this era often have solid framing, but may have original plumbing, electrical, or windows. It's typical for the age—not unusually old, but worth budgeting for updates.

5. Is the lot size actually an advantage compared to the broader city?
   The lot (5,128 sqft) is slightly below the Westwood neighbourhood average (6,491 sqft) and below the citywide average (6,570 sqft) for comparable homes. The advantage is specifically on Raquette Street, where lots tend to be smaller—this one is bigger than most on this block, but not unusually large by city or neighbourhood standards.