223 Academy Road – Property Summary

Key Characteristics & Buyer Profile

This is a 1,342 sqft home built in 1951 on a 6,001 sqft lot, located on Academy Road in Winnipeg’s Wellington Crescent area. Its current assessed value is $452,000.

Where the appeal lies: The property sits in a well-known older neighbourhood, but its real strength is comparative value. On its own street, the assessed value is slightly above average (top 40%), yet within the broader Wellington Crescent area it ranks well below the neighbourhood average of $805,600—meaning you get access to a prestige address without paying the premium that many nearby homes command. The year built (1951) is newer than the street average (1938) and newer than most homes in the area, so construction is post-war but not as dated as many neighbouring properties. Citywide, the home ranks in the top 28% for assessed value and top 31% for lot size, placing it well above typical Winnipeg inventory.

What it’s not: The living area is below the street and neighbourhood average, and the lot is smaller than most on Academy Road. This is not a grand family estate. It’s a modest footprint on a decent piece of land in an expensive pocket.

Who it suits: Buyers who want to be in the Wellington Crescent corridor—close to the river, Academy Road shops, and established schools—but are priced out of the larger, pricier homes that dominate the area. It’s a good fit for someone willing to renovate or rebuild, given the smaller house on a solid lot. Also suits downsizers who want the location without maintaining a large building, or investors betting on land value in a sought-after zone.

Frequently Asked Questions

1. How does this home compare to others on Academy Road specifically?

On its own street, the home is roughly average for living area (top 68%) and above average for assessed value (top 40%). The lot is small relative to neighbours—only the bottom 16% by size—so yard space is limited compared to other Academy Road properties. The house itself is newer than most on the street (top 31% for year built).

2. Why is the assessed value so much lower than the Wellington Crescent average?

The Wellington Crescent area includes many large, historic houses and newer luxury builds, with an average assessed value near $805,600. At $452,000, this home sits well below that benchmark. That’s partly because of its smaller living area and lot, but it also reflects the fact that not every property in this postal code is a mansion. The gap can be an opportunity if you’re looking for a lower entry point into the neighbourhood.

3. Is this a teardown or a renovation candidate?

It depends on your budget and goals. The 1951 build is newer than most nearby houses, so the structure may have more life left than a 1920s or 1930s home. However, with 1,342 sqft on a 6,001 sqft lot, you have room to expand or rebuild. The land ranks in the top 31% citywide, meaning the lot itself has above-average value. If renovation costs make sense for your plan, it could work; if you want a larger home, a rebuild is feasible.

4. How does the living area compare citywide?

Citywide, 1,342 sqft is exactly average for comparable homes—it ranks right in the middle (top 39%). So while it feels small for Academy Road and Wellington Crescent, it’s a standard size across Winnipeg. This is useful context for buyers coming from other parts of the city.

5. What are the risks of buying a lower-priced home in this area?

The main risk is that you may be paying for location but not getting the same resale upside as larger, more updated homes nearby. Buyers in this corridor often want finished square footage and yard space. If you keep the home as-is, it may appeal to a narrower buyer pool when you sell. On the other hand, if you improve the property or the land appreciates, the low entry point can work in your favour. The property tax bill may also be lower than neighbours' given the assessed value gap.