Property Overview: 325 Waverley Street, Winnipeg

Key Characteristics & Appeal

This home at 325 Waverley Street in North River Heights is a property defined by solid, above-average fundamentals within a desirable established neighbourhood. Built in 1925, it offers 1,582 sqft of living space on a notably generous 6,020 sqft lot. The data reveals its core appeal: while its size and assessed value are comfortably mid-range for its immediate street and area, it stands out significantly in a city-wide context. Its living area is larger than roughly 74% of Winnipeg homes, and its lot size is in the top 10% for North River Heights, offering valuable outdoor space that is increasingly rare.

The home’s value proposition is one of established character and space. It suits buyers looking for a classic Winnipeg neighbourhood with mature trees and larger properties, who appreciate the potential of a 1920s-era home and are likely prepared for the maintenance or updates that come with a century-old structure. It would also appeal to those seeking a land value play, as the lot is a substantial asset in a prime area. The recent sale price (estimated between $350k-$400k in July 2024) came in below its current $464k assessed value, which may present an opportunity for equity growth as the market adjusts.

Frequently Asked Questions

1. How does this home’s size compare to others in Winnipeg?
With 1,582 sqft, this home is above the city-wide average. It offers more living space than approximately 74% of homes across Winnipeg, making it a sizeable option, especially when combined with its large lot.

2. The home was built in 1925. What should I consider?
A home of this age offers charm and sturdy construction but requires a diligent inspection. Key focuses should be the foundation, roof, plumbing, electrical systems (which may have been updated over time), and insulation. Budgeting for ongoing maintenance is prudent.

3. Why is the lot size considered a standout feature?
At over 6,000 sqft, the lot is in the top 10% for the North River Heights area. This provides exceptional outdoor space for gardening, recreation, or future additions—a feature that is difficult to find in mature, central neighbourhoods and adds long-term value.

4. The sold price seems lower than the assessed value. What does this mean?
The home sold for an estimated $350k-$400k in mid-2024, below its $464k assessment. Assessments are for tax purposes and can lag behind market shifts. This discrepancy could indicate a buyer’s market at the time of sale or reflect the cost of needed updates, but it may also point to a potential value opportunity as assessments and market prices realign.

5. What is the neighbourhood context for this property?
Located on Waverley Street in North River Heights, it sits in a well-regarded, established community. The data shows the home is broadly average for its specific street and neighbourhood in terms of value and size, meaning it fits seamlessly into the area without being an outlier, offering stable, community-typical investment.