Key Characteristics & Buyer Profile

This is a 1,156 sq ft home built in 1978, situated on a 2,151 sq ft lot in the Waverley Heights area of Winnipeg. Its appeal lies in a specific trade-off: the home itself is slightly older than much of the surrounding stock (top 6% on the street by year built), and its living space is broadly average for the area. However, the standout figures are the tax-assessed value ($299k) and the lot size. The property is assessed well below comparable homes on the same street (bottom 10%) and across the city (bottom 29%). The lot is exceptionally small—bottom 1% in every geographic comparison—meaning outdoor space is minimal.

This property suits a buyer who prioritizes a lower price point over square footage or a large yard. It’s a good fit for someone who values a more established, central-ish location (Waverley Heights) and wants a livable home without paying a premium for a big lot or a brand-new build. It may also appeal to investors or first-time buyers looking to enter the market at a lower assessed value, though the small lot limits expansion potential. The home’s age (1978) is not especially old by city standards, but buyers should expect typical maintenance of a home from that era.

Frequently Asked Questions

1. Why is the tax-assessed value so much lower than the average on my street?
   The assessed value is based on factors like living area, lot size, and condition. Since your lot is significantly smaller than most (2,151 sq ft vs. a likely much larger average) and the living area is around average, the smaller land component is likely driving the lower overall value. This is common for homes that are on smaller parcels within a neighbourhood of larger lots.

2. Is a “bottom 1%” lot size a problem?
   It depends on what you need. If you want a large garden, room for a workshop, or space for kids to play, this lot is likely too small. However, for a buyer who wants low-maintenance outdoor space or who primarily needs the location and interior square footage, the small lot is a practical asset—less mowing, less shoveling, and often a lower purchase price per square foot.

3. Does the “bottom 46%” living area ranking mean the house feels cramped?
   Not necessarily. The ranking is relative to all homes citywide, which includes many larger modern houses. At 1,156 sq ft, this is a typical mid-century size for a three-bedroom home in an established area. It’s smaller than the average newer home, but comparable to many older homes in the same price range. The layout and storage will matter more than the number.

4. Should I be concerned that the year built (1978) is “above average”?
   It’s a neutral point. A 1978 home is newer than many in older Winnipeg neighbourhoods, but it’s not modern. Typical considerations apply: check the age of the roof, furnace, windows, and electrical panel. Homes from this era often have original fixtures or finishes, so a buyer should budget for potential updates, but the bones are generally solid.

5. How does the small lot affect resale value?
   It creates a narrower buyer pool. Many families look for more land, so this home will likely appeal most to singles, couples, or downsizers. However, if the location is desirable and the home is well-maintained, a lower list price relative to larger-lot homes nearby can attract buyers looking for a lower-cost entry point. It’s a stable, not high-growth, proposition unless zoning changes allow for infill.