774 Redwood Avenue

774 Redwood Avenue – Property Summary

Overview & Buyer Profile

This 1940-built home sits on a notably large lot in William Whyte, with a living area of 1,008 square feet. The property’s strongest feature is its land: at 4,013 square feet, it ranks in the top 9% of the neighborhood and the top 26% on the street. The home itself is older than much of the city’s housing stock (top 81% citywide), but it’s newer than the average for both the street and the neighborhood, which skew older. The assessed value of $184,000 is above the neighborhood average of $149,100, reflecting the larger lot. Citywide, the value is low (top 94%), which aligns with the smaller living area and older construction relative to newer suburban homes.

Where the appeal lies: The oversized lot offers potential for expansion, a large garden, or simply more outdoor space than most nearby properties. The assessed value is competitive for the area, especially given the land. This is not a turnkey modern home—it’s a house that rewards someone who sees past the finishes and values space and location over a freshly renovated interior.

Suitable buyers: First-time buyers looking for more land than a typical starter home; renovators or homeowners willing to update a solid older structure; anyone who prioritizes a sizable yard in an established neighborhood. Less likely to suit buyers seeking a low-maintenance, move-in-ready modern property or those who want a large living area.

Frequently Asked Questions

1. How does the living area compare to other homes in the area?
At 1,008 square feet, it’s very close to the street average (1,005 sqft) and slightly below the neighborhood average (1,158 sqft). Citywide, it falls below typical sizes for comparable homes. It’s a compact but functional layout.

2. Why is the assessed value above the neighborhood average but low citywide?
The $184,000 assessment is higher than most homes in William Whyte (neighborhood average is $149,100), largely because of the larger-than-usual lot. Citywide, values are significantly higher ($390,100 average), reflecting newer, larger homes in other parts of Winnipeg. The property offers good value relative to the local market.

3. How old is the house, and does that matter?
Built in 1940, the house is older than the citywide average (1966) but newer than many of its neighbors—the neighborhood average year built is 1927. Older construction often means solid materials like old-growth lumber, but it also means systems (wiring, plumbing, insulation) may need attention. A thorough inspection is advisable.

4. What’s the advantage of the larger lot?
A 4,013-square-foot lot ranks in the top 9% of the neighborhood. That’s roughly 22% more land than the average on the street (3,449 sqft) and 23% more than the neighborhood average (3,277 sqft). This could allow for a garage addition, a workshop, a large garden, or simply more privacy between houses.

5. How does the ranking system work?
Rankings compare this property to similar homes within the same street, neighborhood, and city. A lower rank number (e.g., top 9%) is better—it means the property outperforms most peers in that category. Rankings are based on specific factors: larger land area is better, newer year built is better, larger living area is better, and higher assessed value is better. The bar fill length shows roughly what share of comparable homes you beat in that category.