24 Richmond Way – Property Summary

Section 1: Key Characteristics, Appeal, and Likely Buyer

This 1,352-square-foot home built in 1989 sits on a 2,240-square-foot lot in the West Wolseley area of Winnipeg. Its standout feature is the year built: it’s the newest home on its street and in the entire neighborhood group, ranking in the top 3% locally. That matters because much of West Wolseley was built in the 1950s, so this property offers a more modern structure—likely with better insulation, updated systems, and a layout that matches contemporary expectations—without being in a new subdivision.

The assessed value is notably low for the area: $267,000, ranking last on the street and well below the neighborhood average of $386,400. That gap is partly explained by the smaller-than-average land area (2,240 sq ft versus 3,443 sq ft locally). Buyers get a newer home on a compact lot, not a large yard or a character property with mature trees. The living area is competitive within the neighborhood—slightly above the local average—so interior space is not being sacrificed.

The appeal lies in the trade-off: a newer, efficient home in an established, older neighborhood, priced below many of its neighbors. The buyer is likely someone who values a move-in-ready, low-maintenance property over a large lot or period character. Think first-time buyers wanting a solid home without immediate renovation needs, or downsizers leaving a larger house who still want to stay in a central, walkable area like West Wolseley. It would also suit an investor looking for a property with a low purchase price relative to the neighborhood, though the small lot limits future expansion potential.

Section 2: Five Possible FAQs

1. Why is the assessed value so much lower than the neighborhood average if the home is newer?
The biggest factor is the land area. Most homes in West Wolseley sit on lots averaging over 3,400 square feet, while this property has about 2,240 square feet—roughly 35% less. Assessed value in older, established areas is heavily tied to land size, especially when the building itself is not a heritage or character home. The structure is newer but smaller in footprint, and the overall package lands below the local median.

2. How does the living area compare to other homes on the street?
At 1,352 square feet, this home is exactly average for Richmond Way, where it ranks #1 out of 12 homes when comparing living area. It’s also above the neighborhood average of 1,321 square feet. In practical terms, you’re getting a typical amount of indoor space for the street, not a cramped or oversized layout.

3. Is the lot size a problem for resale value?
It depends on the buyer pool. Smaller lots can limit appeal to families wanting a large backyard or room for additions. But they also mean less yard maintenance and a lower purchase price, which attracts buyers focused on location and condition rather than outdoor space. In West Wolseley, where many homes have generous lots, this one stands out as an entry-level or low-upkeep option—a niche, not a drawback, for the right buyer.

4. What year was the home built, and does that affect anything beyond appearance?
Built in 1989, this is the newest home on the street and among the newest in the neighborhood. Construction standards from the late 1980s typically include better insulation, modern electrical panels, and fewer hazardous materials (like lead paint or asbestos) than pre-1960s homes. You’re likely getting a tighter building envelope and lower energy costs, though it’s still worth checking the age of major systems like the furnace, roof, and windows.

5. How does this property rank city-wide?
City-wide, the home falls in the top 38% for living area, top 23% for newer construction, but bottom 1% for land area and bottom 21% for assessed value. That tells you it’s a relatively modern, average-sized house on a very small lot, priced well below the Winnipeg median. It’s a value play in a city where most homes are older and sit on larger parcels.