498 Basswood Place – Property Summary
Key Characteristics & Buyer Profile
This is a 1,368 sqft single-family home on Basswood Place, built in 1911. The lot is 2,748 sqft. Compared to other homes on the same street, it offers above-average living space and is one of the older homes on the block. However, its assessed value ($295,000) and land area both fall below the street and neighbourhood averages.
The appeal is somewhat subtle. A buyer gets a house with decent interior square footage for its street—ranking in the top 28%—but at a lower assessed value than most neighbours. That gap between living area and price may suggest a property that hasn’t been fully updated or one with less curb appeal or land. It sits in Wolseley, a neighbourhood where the average home is from 1916 and most lots are around 3,400 sqft, so this one is slightly smaller on both counts.
This property would suit a buyer who values indoor space over lot size and is comfortable with an older home that may need attention. It could be a fit for someone looking to enter a desirable central neighbourhood at a below-average price point, or for an owner-occupier willing to invest in updates over time. It is less suited to someone seeking a large yard or a move-in-ready property with top-tier finishes.
Possible FAQs
1. How does the assessed value compare to similar homes nearby?
The assessed value of $295,000 is below the street average of $336,900 and the neighbourhood average of $371,300. It ranks in the bottom quarter on its street and bottom quarter of Wolseley overall. This could reflect the smaller lot, older age, or less recent renovation work relative to neighbours.
2. Is the lot size unusually small?
The land area is 2,748 sqft. This is below average for Basswood Place (3,146 sqft) and well below the neighbourhood average (3,434 sqft). Citywide, it falls in the bottom 8%, though many homes in older central areas have comparable footprints.
3. The house was built in 1911—should that be a concern?
It is older than most homes on its street (average 1913) and older than the citywide median (1966). In Wolseley, however, homes from this era are the norm. The question is less about age and more about how well the systems and structure have been maintained. An inspection is advisable.
4. Why does the living area rank higher on the street than the assessed value?
The house has more interior space than many neighbours (top 28% on the street) but a lower assessed value. This mismatch often occurs when a property has not been renovated to current standards, or when its lot is small and there is less demand for that specific configuration. It can also happen if recent sales on the street are higher.
5. How does this home compare to the rest of Winnipeg?
On a citywide scale, the living area is slightly above average (top 37%), the assessed value is below average (top 72%), and the year built is far older than most (top 93% means only 7% of comparable homes are older). The lot is also smaller than average. In short, it is a relatively spacious but older, lower-valued home on a compact lot compared to the city as a whole.