492 Sprague Street – Property Summary
Key Characteristics & Buyer Suitability
This is a 1,480-square-foot home built in 1921, sitting on a 3,937-square-foot lot in the Wolseley neighbourhood of Winnipeg. What stands out most here is the assessed value: $603,000. That ranks #1 on Sprague Street and in the top 2% of homes on the street—far above the street average of $367,200. It also sits in the top 5% of the neighbourhood and top 8% citywide for assessed value, despite the home itself being older (1921) and the lot being moderately sized relative to the city average.
The living area is slightly above the street average but right around the neighbourhood average—so space isn’t the selling point. The lot, at just under 4,000 square feet, is larger than typical for Wolseley (which averages 3,434 sqft), but smaller than the citywide average. This suggests the home’s value is driven by quality, condition, location, or recent renovations, not square footage or land size alone.
Where the appeal lies: The main draw is likely the combination of a high-value home in a well-regarded, older Winnipeg neighbourhood (Wolseley is known for its character homes, mature trees, and walkable streets). Buyers will probably be paying for a property that has been well-maintained or improved, in a location where demand and prices are elevated relative to the rest of the city. The lot size (above neighbourhood average) offers decent outdoor space without the maintenance of a larger city lot.
Who it would suit: Buyers who prioritize neighbourhood character and a home with strong value retention, rather than maximum square footage or a brand-new build. Likely professionals, couples, or small families who want to be in a central, established area with good walkability—and who are willing to pay a premium for that. Not ideal for someone looking for a large yard or a modern open floor plan built after 2000.
Frequently Asked Questions
1. How does the assessed value compare to other homes on the street?
It’s the highest on Sprague Street by a significant margin. The street average is $367,200, so this home is assessed at roughly $236,000 above that. It also ranks in the top 5% of the entire Wolseley neighbourhood.
2. Is the house considered old or new compared to others in Winnipeg?
Built in 1921, it’s older than the citywide average (1966) and older than the average home on its own street (1923). However, within Wolseley, that’s actually above average—the neighbourhood average build year is 1916, so this home is newer than many of its immediate neighbours.
3. How big is the lot, and is that typical for the area?
The lot is 3,937 square feet. That’s larger than the Wolseley average (3,434 sqft) and ranks in the top 17% of the neighbourhood. But compared to Winnipeg as a whole, it’s smaller than average (city average is 6,570 sqft). So you get a decent-sized lot for Wolseley, but not a sprawling yard by city standards.
4. Why is the assessed value so high if the house is older and not especially large?
Assessed value in older neighbourhoods like Wolseley often reflects renovations, overall condition, location (proximity to amenities, schools, transit), and land value. A 1,480 sqft home built in 1921 can carry a high assessment if it’s been updated, has desirable features, or sits in a sought-after pocket. The data suggests this property outperforms its peers in one or more of those areas, driving the value up well beyond what size or age alone would predict.
5. Is this property a good fit for a first-time buyer?
Generally, no. The assessed value is well above the city median, and the combination of age (potential for maintenance) and high price point makes it more suited to buyers with some equity or higher budget flexibility. First-time buyers on a tighter budget might find better value in other parts of the city where they can get more space or a newer home for less money. This is more of a “buy for quality and location” property, not a budget starter.