502 Redwood Avenue – Property Summary
Key Characteristics & Buyer Profile
This is a 1926-built home with 2,020 square feet of living space on a 4,492-square-foot lot. The living area ranks in the top 2% on its street and top 4% in the neighbourhood—significantly larger than nearby homes, where the average is roughly 1,000–1,150 square feet. The lot size is also well above the neighbourhood average, ranking in the top 5% locally, and the assessed value ($168,000) sits close to the street and neighbourhood averages, despite being well below the citywide median.
The property’s main appeal is space and proportion. Buyers who value generous interior square footage and a good-sized lot—especially in an older, established area where those features are uncommon—will find this house stands out. The assessed value is modest relative to the city as a whole, which may reflect the home’s age (1926) and the neighbourhood’s pricing context rather than any flaw in the property itself. It would suit buyers who are comfortable with an older home that has been maintained, who want room to spread out without paying a premium for a newer build, and who are willing to invest in updates over time. It’s less suited to someone seeking a turnkey modern finish or a neighbourhood with high citywide resale values.
Frequently Asked Questions
1. How does the size of this home compare to others nearby?
It’s significantly larger than most homes on the same street and in the William Whyte neighbourhood. The living area ranks in the top 2% on the street and top 4% in the area, and the lot is in the top 5% locally. This is one of the roomier properties in its immediate context.
2. Why is the assessed value relatively low compared to the citywide average?
The citywide average for comparable homes is nearly $390,000, but this property is assessed at $168,000. That gap largely reflects the neighbourhood’s overall pricing level and the home’s age (1926). Within its own street and area, the assessed value is close to average, so it isn’t undervalued locally—it’s simply in a part of the city where properties tend to be more affordable.
3. Is an older home like this a risk?
Homes built in the 1920s often have solid construction and character, but they may require more maintenance and updates than newer houses. Things like wiring, plumbing, insulation, and roofing are worth checking carefully. The year-built ranking (top 40% on the street, top 28% in the neighbourhood) suggests it’s not unusually old for the area, so many neighbouring homes face similar considerations.
4. What kind of buyer typically looks at a property like this?
Buyers who prioritize interior space and lot size over a modern finish or a trendy neighbourhood. It could appeal to families needing room, someone looking for a renovation project with good bones, or investors who see potential in an older home with a large lot in a neighbourhood that is still reasonably priced relative to the city.
5. How does the lot size compare citywide?
While the lot is large for the street and neighbourhood (top 5% in William Whyte), it’s closer to average citywide, ranking in the top 66%. Winnipeg as a whole has a wide range of lot sizes, and this one falls in the middle of the pack—generous locally, but not unusually big by city standards.