57 Lyra Gate – Property Summary

Key Characteristics & Ideal Buyer Profile

This is a 1,044 sqft home built in 2018 on a 2,359 sqft lot, with an assessed value of $306,000. The property sits on Lyra Gate in West Kildonan Industrial, Winnipeg.

What stands out: The home is essentially new relative to the rest of the city—it ranks in the top 4% citywide for year built (2018 vs. a citywide median of 1966). On its own street, it’s the newest home by a wide margin. That newness is the property’s single strongest asset.

Where it’s average or below: The house is smaller than most in its neighbourhood (ranked bottom 1% locally) and has a modest lot (bottom 3% citywide). The assessed value reflects this—it’s below both the neighbourhood and city medians. The property is not an outlier in size or land; it’s a compact, newer infill on a standard city lot.

Who it suits: Buyers who prioritize a modern build over square footage or yard space. First-time buyers, downsizers, or anyone looking for low-maintenance living in a newer structure without paying for extra land they don’t need. It’s less suitable for families needing large indoor spaces or big outdoor areas, or for investors banking on land appreciation.

A less obvious angle: The disparity between the home’s newness (top-tier) and its land area (bottom-tier) means the value is concentrated in the building itself, not the land underneath. That can be a double-edged sword—the structure depreciates over time, while land tends to appreciate. However, in a neighbourhood where most homes are decades older, this property offers a rare turnkey option that doesn’t require immediate renovation or major upkeep.

Five Frequently Asked Questions

1. How does this home’s size compare to others nearby?
On its street, it’s about average—ranked 15th out of 22 homes. But in the wider West Kildonan Industrial neighbourhood, it’s among the smallest, ranking 657th out of 664. Most homes in the area are roughly 50% larger, so if you’re used to spacious layouts, this will feel compact.

2. Is the assessed value of $306,000 reasonable?
It’s below the street average ($329,400) and well below the neighbourhood average ($442,900), but that tracks with the smaller living area and lot. The assessment isn’t out of line—it reflects the home’s size. If you’re comparing to newer builds in other parts of Winnipeg, this is on the lower end of the price spectrum for a 2018 home.

3. Why is the lot so small compared to the neighbourhood?
Most homes in West Kildonan Industrial sit on lots averaging 3,839 sqft. This lot is 2,359 sqft—roughly 60% of the norm. That’s common for newer infill developments, where parcels are subdivided to fit more units. If outdoor space is important, this likely won’t meet expectations.

4. How does the 2018 build year affect maintenance costs?
It’s a major plus for near-term expenses. You’re looking at a home that’s only six years old as of 2024—roof, windows, HVAC, and major systems should have plenty of life left. The trade-off is that you’re paying a premium for that newness in a neighbourhood where the median home was built in 2021, so you’re not getting a deal on age alone.

5. What’s the investment potential here?
Modest, unless the neighbourhood itself appreciates. The land component is small, so gains will depend more on rising property values in West Kildonan Industrial than on the building itself. For a buyer who plans to stay for a while, it’s a solid, low-hassle home. For a flipper or short-term investor, there’s less room to add value through renovations—the home is already modern and there’s not much land to leverage.