902 Palmerston Avenue – Property Summary
Key Characteristics & Buyer Profile
This is a 1922 home in Winnipeg’s Wolseley neighbourhood with 906 square feet of living space on a 3,575-square-foot lot. Its assessed value is $567,000.
The property’s most notable feature is its assessed value relative to the neighbourhood. While the home itself is smaller than average both on its street and citywide, its assessed value ranks in the top 6% within Wolseley and the top 11% citywide. This suggests the land or location is carrying significant weight, not the structure itself. The house is older than most citywide (top 86%), but actually newer than the average home in Wolseley (which tends to be pre-1916). The lot is generous by neighbourhood standards (top 30%) but modest compared to citywide averages.
The appeal here is land and location value in an established, character-rich area, not interior space or a large footprint. This would suit buyers who prioritize a walkable historic neighbourhood and are willing to trade square footage for a strong asset that may appreciate differently from a typical suburban home. It’s less ideal for someone needing a large layout or a move-in-ready modern interior without further investment.
Five Frequently Asked Questions
1. Why is the assessed value so high when the house is small?
Assessed value in older Winnipeg neighbourhoods like Wolseley often reflects land value more than the building itself. This property’s lot is above average for the area, and the location itself commands a premium. The rankings show the home is one of the more valuable properties in the neighbourhood despite its modest size.
2. How does this home compare to others on Palmerston Avenue?
On its own street, it’s average in assessed value (ranked 39 out of 77) but below average in living area (68th) and land area (59th). So while it’s not the smallest lot on the street, it’s smaller than most—and its value is essentially mid-pack, meaning the street has a mix of pricier and more modest homes.
3. Is this a good candidate for renovation or expansion?
The lot size is decent by Wolseley standards but not oversized. A 3,575-sqft lot limits major expansions compared to larger suburban lots, but it’s feasible for thoughtful additions or kitchen/bathroom upgrades. The 1922 build may have character features worth preserving, so renovations should consider heritage constraints in the area.
4. How does the home’s age affect insurance or maintenance?
A 1922 home is over 100 years old. Citywide, it’s older than 86% of properties. Expect older wiring, plumbing, and possibly knob-and-tube or lead pipes that need addressing. Insurers may charge higher premiums or require updates. Wolseley has many homes this age, so local trades are familiar with the era’s construction.
5. What’s the neighbourhood like for resale value?
Wolseley consistently ranks as a desirable inner-city area with strong demand. The fact that this home’s assessed value is in the top 6% of the neighbourhood suggests the location is a key driver. Resale value will likely hold well, especially if the home is maintained or improved, but the small living area may limit the pool of buyers compared to larger homes in the same area.