703 Wellington Crescent – Property Summary

Section 1: Key Characteristics, Appeal, and Ideal Buyer

This is a very large, early 20th-century home on one of Winnipeg’s most prestigious streets. The property’s standout feature is its size: with 6,252 square feet of living space, it ranks in the top 1% city-wide, far above the average home in Wellington Crescent (around 2,574 sq ft). The land is equally substantial—27,000 square feet—placing it in the top 1% of lots across Winnipeg. The house was built in 1911, meaning it predates most of its neighbours on the street (average build year 1948) and the city average (1966). Its assessed tax value of $1.28M is well above the street average of $929,000 and sits in the top 1% of the entire city.

The appeal here is scale and rarity. You’re not just buying a house; you’re buying one of the largest homes and lots in a city of nearly 200,000 properties. The trade-off is that the building is old, and the lower rank for build year (bottom 10% on the street) reflects that. Renovations, structural updates, and maintenance are almost certainly part of the picture. This property suits a buyer who values privacy, generous indoor and outdoor space, and a landmark address—someone with the budget and patience to steward an older, large-scale home, not someone looking for a turnkey, low-maintenance property.

Section 2: Five Possible FAQs

1. How does the property compare to typical homes in the area?
The house and lot are significantly larger than average. On Wellington Crescent, the average home is about 2,574 sq ft on a roughly 14,000 sq ft lot. This property is more than double the living space and nearly double the land. Within the broader community, it’s in the top 1% for both size categories. That said, its assessed value ($1.28M) is about 38% higher than the street average, reflecting both the size premium and the age of the structure.

2. Is the 1911 build year a concern?
It depends on your perspective. The house is older than most on the street (average 1948) and the vast majority of homes in Winnipeg (average 1966). This likely means original or period-specific details, but also possibly older systems (plumbing, electrical, foundation, insulation). Buyers should expect that a home of this vintage may need more ongoing upkeep than a newer build, though the ranking doesn’t indicate the quality or extent of any past renovations.

3. How is the assessed value ($1.28M) determined?
The assessment is based on the city’s valuation for property tax purposes, not market price. It factors in the size, age, location, and physical condition of the home, along with recent sale data for comparable properties. The $1.28M figure places it in the top 1% city-wide, but assessments often lag behind current market conditions, especially for unique, older homes. The actual sale price could be higher or lower depending on the buyer’s assessment of the condition and land value.

4. Who would this property not suit?
A buyer looking for a move-in-ready, energy-efficient home with minimal maintenance would likely find this property challenging. The age and sheer size mean higher utility costs, more regular repairs, and potentially significant renovation work. It’s also not ideal for someone who needs a compact, easy-to-manage space or who prefers a newer layout with open-concept, modern finishes. The lot size alone requires landscaping and snow removal attention.

5. What’s the significance of the “neighbourhood comparison” here?
The property ranks high both on Wellington Crescent and within the broader community, but the street itself is already an elite corridor. Being in the top 1% city-wide is a stronger indicator of rarity than the street ranking (top 3%). The more interesting comparison is the land: on Wellington Crescent, the lot is in the top 12%, but city-wide, it’s in the top 1%. That suggests this is one of the larger parcels in the entire city, not just on a good street.