Property Summary: 43 Lockwood Street

Key Characteristics & Buyer Profile

This property sits on a notably large lot of 3,264 square feet—well above average for the area—but its living area and assessed value ($221,000) rank among the lowest on Lockwood Street and within the Sir John Franklin neighbourhood. The house ranks in the bottom 1% for assessed value on its street, bottom 2% in the neighbourhood, and bottom 11% citywide in Winnipeg. It was built earlier than most nearby homes, which will appeal to buyers who value lot size over finished square footage and are open to renovation or rebuilding. The property suits someone looking for an entry point into a more established neighbourhood where the cost per square foot of land is relatively low, provided they have the budget and patience for structural or cosmetic work. It is less suitable for someone seeking a move-in-ready home or who prioritizes modern finishes and low maintenance.

Five Possible FAQs

1. How does the assessed value compare to similar homes nearby?
The assessed value is roughly half the neighbourhood average ($407,000) and well below the citywide median ($390,100). This is a function of the home’s smaller living area, older age, and likely deferred updates—not necessarily the land value, which is strong.

2. Is the large lot usable as-is, or are there restrictions?
That depends on zoning and any easements. Because the home ranks well below average in living area but the lot is generous, you’ll want to confirm whether the lot is buildable for an addition or a secondary dwelling. Local zoning rules, not shown here, will dictate that.

3. Why does the property rank so low citywide but still have a large lot?
Land size and home value don’t always move together. In this case, the land area is competitive for the neighbourhood and city, but the structure itself drags down the overall assessed value. The home may be outdated, smaller than typical for the area, or in need of major repairs.

4. What does the “bottom 1%” on Lockwood Street mean for resale?
It signals that this is the most affordable entry point on the street. That can be an advantage for buyers who want to own in a specific location without paying a premium, but it also means nearby sales data will be skewed higher—making it harder to comp out value for financing or future selling.

5. Are there any costly issues I should budget for beyond the purchase price?
With a home this old and low-valued, expect potential updates to mechanical systems (heating, electrical, plumbing), roof condition, and foundation. The large lot may also come with higher yard maintenance costs or municipal requirements for drainage and snow removal, depending on the city’s bylaws.