546 Redwood Avenue – Property Summary
Key Characteristics & Buyer Profile
This property is a compact, older home on an exceptionally large lot. The living area is 604 square feet—significantly smaller than average on its street (1,005 sq ft), in the neighborhood (1,158 sq ft), and across Winnipeg (1,342 sq ft). It ranks in the top 1% city-wide for smallest living spaces. The house was built in 1905, putting it among the older homes on the street and in the area. Its assessed value of $85,000 is well below the street average of $174,000 and the city-wide average of $390,100.
The property’s main strength is its land: 4,473 square feet places it in the top 19% on the street and the top 6% in the William Whyte neighborhood. This is a rare combination—a modest, older structure on a lot that is generous by local standards and still competitive city-wide (top 67%).
The appeal lies in land value and potential. For a buyer who is comfortable with a small living space, or plans to renovate, expand, or build new, the lot offers a rare opportunity in a dense older neighborhood. It would suit a hands-on buyer, a small household, an investor looking to develop, or someone who prioritizes outdoor space over interior square footage. It is less suited for anyone seeking a move-in-ready family home or a typical mid-sized bungalow.
Frequently Asked Questions
1. Why is the assessed value so low compared to the neighborhood and city averages?
The low assessment reflects both the small living area and the age of the home. Assessed value is based on recent comparable sales, and a 604 sq ft house built in 1905—without major recent upgrades—will naturally fall well below the median for the area. The land value is a smaller component of the overall assessment than the building value in this case.
2. Is the property a teardown, or can the existing house be renovated?
That depends entirely on your goals and budget. The house is old and small, so a full gut renovation or addition could be viable if the structure is sound. However, given the low assessed value and the large lot, a teardown and new build is a realistic option for many buyers. A professional inspection would clarify which path makes more sense.
3. How does the lot size compare to other properties in William Whyte?
The 4,473 sq ft lot is well above average for the neighborhood. The neighborhood average land area for comparable homes is 3,277 sq ft—this lot is roughly 36% larger. On the street itself, it ranks in the top 19% for lot size.
4. What is the neighborhood like, and is this a safe area to buy in?
William Whyte is a mature, central Winnipeg neighborhood with a mix of older single-family homes and rental properties. It has historically been a more affordable area with some challenges related to aging infrastructure and turnover. That said, larger lots and older homes have attracted renovation-oriented buyers in recent years. As with any older urban neighborhood, it’s worth visiting at different times of day and researching local crime statistics if that is a concern.
5. What would the property realistically sell for, given the low assessment?
Assessed value is a benchmark, not a price guarantee. In a hot market, a large lot in a central location can sell for well above assessment if multiple buyers see potential. In a slower market, the small house and old age may limit offers. A local realtor who knows the William Whyte area—and specifically recent sales on Redwood Avenue—would be the best source for a realistic price range.