396 Redwood Avenue – Property Summary
Key Characteristics & Buyer Appeal
This is a 1,073 sqft home built in 1906, sitting on a notably large 4,540 sqft lot. The living area is slightly above average for its street and neighbourhood, but falls below citywide medians. The assessed value is $111k—well below both street and neighbourhood averages, and among the lowest citywide (top 99th percentile for low value). The land area, however, stands out: it ranks in the top 5% within the William Whyte neighbourhood and top 15% on the street, giving this property a rare combination of modest structure and generous outdoor space.
The appeal lies in the lot. Buyers who value yard space, garden potential, or future redevelopment possibilities will find the land-to-building ratio attractive. The low assessed value may also appeal to investors or first-time buyers looking for an entry point in a neighbourhood where other homes are valued higher. That said, the building itself is older than most peers, both locally and citywide, which suggests maintenance or renovation needs. This property is less suited for someone seeking a move-in-ready, modern home, and more for those comfortable with an older structure or interested in a property where the land holds more long-term value than the house.
Frequently Asked Questions
1. How does the property’s land size compare to others in the area?
It is significantly larger than average. Most comparable homes on Redwood Avenue have around 3,449 sqft of land, and the neighbourhood average is 3,277 sqft. This lot is 4,540 sqft, placing it in the top 5% of the William Whyte area.
2. Why is the assessed value so low compared to the citywide average?
The assessed value reflects both the home’s age and its relatively modest living area. At $111k, it is far below the citywide average of $390k, and also below the street average of $174k. Older homes with smaller square footage tend to carry lower assessments, particularly in neighbourhoods where larger or newer properties bring the local average up.
3. Is the house likely to need major updates given its age?
Built in 1906, the home is older than the average building on its street (1934) and significantly older than the citywide average (1966). While age alone doesn’t guarantee problems, buyers should expect older systems (plumbing, electrical, foundation, roofing) and budget for possible upgrades. A thorough home inspection is strongly recommended.
4. What kind of buyer would get the most value from this property?
It suits buyers who prioritize lot size over house condition—gardeners, hobbyists, or those considering a future addition or redevelopment. It could also work for an investor comfortable with deferred maintenance, or a first-time buyer willing to tackle renovations in exchange for a lower purchase price and a large yard.
5. How does this property compare to others in the William Whyte neighbourhood?
In terms of living area and assessed value, it is around average for the neighbourhood. Where it breaks from the norm is land size—most homes here have smaller lots. So while the house itself is unremarkable for the area, the property as a whole is above average due to the yard space, which is a relatively scarce feature at this price level.