508 Sprague Street – Property Summary

Key Characteristics & Buyer Profile

This is a compact 816 sqft home built in 1922, sitting on a 3,936 sqft lot in Winnipeg’s Wolseley neighbourhood. The house is smaller than average for its street, neighbourhood, and city, but its land is notably generous for the area—ranking in the top 18% of Wolseley properties. The assessed value of $339,000 is slightly below the street average and roughly in line with the neighbourhood, which suggests the market has not penalized the smaller floor plan as heavily as one might expect.

The property’s main appeal lies in its land-to-house ratio. In Wolseley, where lots tend to be modest (averaging 3,434 sqft), this property offers a yard that stands out. That, combined with the 1922 build—older than most citywide homes but actually newer than the typical Wolseley house (average 1916)—means the structure has likely seen some updates or has solid bones relative to nearby century homes.

This home would suit a buyer who values outdoor space and location over interior square footage. Someone looking to garden, add a rear extension, or simply enjoy a larger lot in a walkable inner-city neighbourhood would find it fitting. It is less ideal for those who need a lot of indoor living area or prefer a newer, move-in-ready property without potential renovation needs.

Five Possible FAQs

1. How does the living area compare to other homes on the street?
The home’s 816 sqft is well below the Sprague Street average of 1,267 sqft. It ranks 50th out of 50 homes on the street, meaning it is the smallest by living area. If you prioritize space inside, this may feel tight; if you value the lot or location, the indoor footprint is the trade-off.

2. Is the assessed value reasonable for the property?
At $339,000, the assessed value is below the street average ($367,200) and slightly below the citywide average for comparable homes ($390,100). It sits around the middle of the pack for Wolseley (top 54%). This suggests the assessment reflects the smaller house size while still accounting for the desirable neighbourhood and lot.

3. What does “year built 1922” mean for maintenance and character?
It is older than most city homes (average 1966) but typical for Wolseley, where many houses date to the 1910s. Homes of this era often have solid framing, high ceilings, and original detailing, but may also need updates to insulation, wiring, plumbing, or foundations. A thorough home inspection is recommended.

4. How does the land area compare to others in Winnipeg?
The 3,936 sqft lot is above average for Wolseley (3,434 sqft) but below the citywide average of 6,570 sqft. In a dense inner-city neighbourhood, this is a generous parcel—good for yard space, parking, or future expansion—but it does not match suburban lot sizes.

5. Who would this property not be right for?
Buyers who need a large open-concept interior, a single-floor layout, or a home that requires minimal renovation may want to look elsewhere. It is also less suited for those who prioritize newer construction or do not want to maintain a larger yard.