Property Summary – 816 sqft Bungalow, Cranbrook Bay, Winnipeg

Key Characteristics & Buyer Profile

This is a compact, 816-square-foot bungalow built in 1961, sitting on an above-average 5,500-square-foot lot in the Cranbrook Bay area of Winnipeg. The living area is well below typical sizes in the neighbourhood, the broader district, and the city overall—ranking in the bottom 10% citywide for square footage. Its assessed value of $297,000 is also below average locally but less dramatically so, placing in the bottom quarter of the area and the bottom 28% across Winnipeg. The land, however, is a meaningful standout: the lot is larger than most in the immediate street and the wider Kildare-Redonda area, placing in the top 24% locally and top 43% citywide.

The property’s appeal lies in its trade-off between indoor space and outdoor land. For buyers who value yard area, gardening, off-street parking, or future expansion potential over finished square footage, this offers something many newer or smaller-lot homes in the city cannot. The older construction year (1961) suggests a home that may have solid bones but likely needs updates—this is not a move-in-ready or turnkey property for someone seeking modern finishes without work. The below-average assessment relative to the neighbourhood also hints at pricing that could leave room for renovation equity.

This home would suit: first-time buyers looking to get into a desirable area with a budget-friendly entry point, handy renovators or investors who can add value through interior updates, or downsizers who want a manageable indoor footprint paired with a generous private yard. It is less ideal for families needing multiple bedrooms or open-concept living, or for buyers who prefer a low-maintenance, newer build.

Five Possible FAQs

1. How does the size compare to typical homes in Winnipeg?
At 816 square feet, this home is significantly smaller than the citywide average of around 1,342 square feet. It also falls below the local neighbourhood average of 985 square feet. The smaller living area is offset by a larger-than-average lot, so total property footprint is generous even if indoor space is compact.

2. Is the assessed value of $297,000 a reliable indicator of market price?
Assessed value is used for property tax calculation and lags behind current market conditions. In a neighbourhood where other homes are assessed higher and sell for more, $297k may reflect a lower baseline. However, because the living area is small and the home is older, actual sale price could be close to or slightly above assessment depending on condition and demand for lots in this area.

3. What should I look for in a 1961-built home?
Homes from this era commonly have galvanized plumbing, older electrical systems (possibly fuses rather than breakers), and single-pane or outdated windows. The foundation may be concrete block or poured concrete—check for cracks or moisture. Insulation levels are likely below modern standards, especially in walls and attic. A pre-purchase inspection focused on these systems is advisable.

4. Can I add onto the house with a 5,500 sqft lot?
Yes, the lot size offers potential for an addition, garage, or secondary structure, provided zoning in Cranbrook Bay permits it. The land ranks in the top 29% on the street, so you have more flexibility than many neighbouring properties. Check with the City of Winnipeg for setback requirements and any development restrictions before planning major changes.

5. How does this property compare to others on Cranbrook Bay?
On your street, this home has less living area than average (bottom 18%) and a lower assessed value (bottom 9%), but a larger-than-average lot (top 29%) and a reasonably typical build year (top 41%). Essentially, it offers more land for less indoor space and a lower price point relative to neighbours—a trade-off that may appeal if you prioritize yard over square footage.