508 Craig Street – Property Summary
Key Characteristics & Appeal
This is a 1912-built home with 1,232 sq ft of living space and a 2,193 sq ft lot, located on Craig Street in the Wolseley neighbourhood of Winnipeg. Its living area sits above the street average (ranking in the top 30% on Craig Street) but below the Wolseley average, and close to the city-wide median. The home’s assessed value is near the street and neighbourhood averages, suggesting fair pricing relative to local comparables. The lot is notably smaller than both the neighbourhood and city norms—a trade-off that may appeal to buyers who prioritize location and interior space over outdoor square footage. The build year is older than most Winnipeg homes (ranking in the oldest 8% city-wide), which will attract those looking for pre-war character, but also signals the need for careful inspection of mechanicals, foundation, and insulation. This property suits buyers who value a historic neighbourhood, walkable urban access, and a home that’s reasonably priced within its immediate street context, rather than those seeking a large yard or a move-in-ready modern build.
Frequently Asked Questions
1. How does this home compare to others on Craig Street?
It’s above average in living area (top 30%) and close to average in assessed value (top 44%), making it one of the larger homes on the street at a typical price point for the block.
2. Is a smaller lot a problem for resale?
It depends on the buyer. In Wolseley, many homes have compact lots, and the street itself has a similar average (2,381 sq ft). A smaller yard may suit those who want less maintenance or plan to use nearby parks and amenities rather than a private garden.
3. What should I watch for in a 1912 home?
Older homes can have aging plumbing, electrical, and heating systems, as well as potential issues with lead paint, asbestos, or insufficient insulation. A thorough home inspection—particularly of the roof, foundation, and windows—is recommended.
4. Why is the assessed value lower than Wolseley and city averages?
The home’s assessed value is close to its street average but below the broader neighbourhood average (which includes larger and more valuable properties). This likely reflects its smaller lot and possibly simpler finishes or condition compared to pricier nearby homes.
5. Does the “close to average” city ranking for living area matter?
It means the home is typical for Winnipeg in terms of interior size, so it won’t stand out as unusually small or large. For a buyer, this is neutral—it suggests the space is adequate for a standard household but not oversized by city standards.