318 Redwood Avenue – Property Summary
Key Characteristics & Buyer Profile
This is a compact, older home (built 1903) with a modest 1,038 sqft of living area. Its standout feature is the land: a 4,565 sqft lot that ranks in the top 4% within the William Whyte neighbourhood and top 12% on the street. Most comparable homes in the area sit on lots roughly 1,000 sqft smaller. The assessed value of $125,000 is below the street and neighbourhood averages, and significantly below the citywide median—placing it among the most affordable properties in Winnipeg by valuation.
The appeal here is not in a move-in-ready finished product, but in the combination of a large lot and a low price point. The home itself is old, small, and likely in need of updates. For a buyer who values outdoor space, wants to avoid the premium attached to land in pricier areas, or is open to a renovation or eventual rebuild, this property offers rare flexibility on a budget. It would best suit:
- Buyers looking for a starter home with room to expand or add value over time
- Investors or handy homeowners willing to take on updates in exchange for lower entry cost
- Anyone who prioritises lot size and neighbourhood location over square footage or turnkey condition
It is less suited to buyers who need a larger finished interior right away, or who prefer newer construction in higher-value corridors.
Five Possible FAQs
1. Why is the assessed value so low compared to the citywide average?
The home’s age (1903), smaller living area, and the neighbourhood’s overall valuation profile all contribute. Citywide averages include many newer, larger, and more expensive homes in areas like south and west Winnipeg. This property ranks in the bottom 1% citywide by assessed value, which reflects its condition, size, and location—not necessarily a sign of structural problems.
2. How usable is the lot for additions, a garage, or a garden?
At 4,565 sqft, the lot is well above the neighbourhood average and large enough for a detached garage, workshop, or substantial garden. Whether you can add square footage to the house itself depends on zoning and setback rules in the William Whyte area. It’s wise to check with the city before assuming you can build a large extension.
3. What does the “Below Average” ranking for year built actually mean for maintenance?
Homes from 1903 often have knob-and-tube wiring, lead pipes, or older foundations. The rankings show this house is older than 97% of homes on its street and 99% citywide. Buyers should budget for electrical, plumbing, and potentially foundation work. That said, many homes of this vintage in Winnipeg have been updated—ask for a detailed inspection.
4. How does the living area compare to other homes in the neighbourhood?
It’s slightly below the neighbourhood average of 1,158 sqft, but not dramatically so. The home is actually close to the street average and ranks in the top 39% locally. For this area, 1,038 sqft is a typical size—the real gap is with newer citywide averages, not with nearby homes.
5. Is this property a good candidate for a renovation loan or CMHC purchase-plus-improvements program?
Yes, potentially. The low assessed value means the purchase price may be well below the maximum loan limits. Because the lot is desirable and the structure is old, a renovation mortgage (like CMHC’s Purchase Plus Improvements) could be a practical route—provided the lender is comfortable with the home’s age and condition. Be prepared to show a clear scope of work and cost estimates upfront.