700 Wellington Crescent: Property Overview

Key Characteristics & Appeal

This property on Wellington Crescent is defined by its exceptionally large lot and a below-market assessed value relative to its street and neighbourhood. The lot is 14,186 square feet, placing it in the top 2% citywide in Winnipeg—a rare feature that immediately distinguishes it from most other homes. In contrast, the assessed value of $415,000 is well below the street average ($929,100) and the neighbourhood average ($805,600), landing it in the bottom ranks locally. The house itself is older, with a construction year around the late 1940s, which is consistent with nearby properties on Wellington Crescent.

The appeal here is not the turnkey home, but the land. For a buyer who values the space and potential of a large inner-city lot over a fully renovated house, this property offers significant leverage. You are paying for the site rather than the structure. This would most suit a buyer interested in a major renovation or a complete rebuild on one of Winnipeg’s most prestigious streets, or someone willing to take on a project for the long-term value of the land itself. It’s less suited for someone looking for a move-in ready home with modern finishes.

Five Possible FAQs

1. Why is the assessed value so much lower than the street average?
The $415,000 assessment suggests the home’s current structure is valued relatively low—likely due to age, condition, or size—while the street and neighbourhood averages reflect higher-value properties. The land is the primary asset here, and the assessment captures the house’s diminished contribution to overall value.

2. What does the lot size actually mean for my plans?
At 14,186 square feet, this is a very large lot for a single-family home within the city. It offers flexibility for significant additions, a detached garage or laneway suite, extensive landscaping, or even a full subdivision if zoning allows. Most buyers will consider the property’s potential to support a custom home on a scale rarely available on Wellington Crescent.

3. Is the 1948 construction year a concern?
It’s typical for the street—most homes in the area were built between 1940 and 1948. The age means systems, structure, and insulation likely need attention. A thorough inspection is critical. However, it also means the home was built in an era of quality materials and potentially generous room sizes compared to newer construction.

4. How does this property rank against others nearby?
On Wellington Crescent, it ranks near the bottom (top 75%) due to the low assessed value. But the lot ranks in the top 14% in the neighbourhood and top 2% in the city. In short, the land outperforms the house dramatically. The value is in the ground, not the structure.

5. Who is the ideal buyer for this kind of property?
Someone who sees the house as a secondary feature. This works best for a builder, an investor, or a homeowner looking to build a custom residence on a prime lot. It’s also a fit for someone comfortable with a major renovation who can afford to invest in bringing the structure up to neighbourhood standards. It is not a typical “starter home” or a low-maintenance purchase.