8 Richmond Way – Property Summary

Key Characteristics & Buyer Suitability

This is a 1,352-square-foot home built in 1989 on a 1,500-square-foot lot in the West Wolseley neighbourhood of Winnipeg. Its main strength is the year built: it’s the newest home on Richmond Way and the newest in the entire neighbourhood, where the average home dates from 1950. That means modern construction standards, likely better insulation, electrical, and plumbing compared to older stock in the area. The living area ranks well on the street (top 8%) and is around average citywide, so the interior feels typical for a smaller-to-mid-sized single-family home.

The assessed value is $271,000, which sits below both the neighbourhood and city averages. This suggests the home is priced for affordability relative to its surroundings, not for luxury. The trade-off is the land area: at 1,500 square feet, the lot is small by Winnipeg standards—well below the citywide average of 6,570 square feet and also below the West Wolseley average of 3,443 square feet. Buyers should expect a modest yard with limited outdoor space, which is common for infill or newer builds on subdivided lots.

This property would suit a buyer who wants a relatively new, low-maintenance home in a character neighbourhood without the upkeep of an older house. It’s a good fit for first-time buyers, downsizers, or anyone who prioritizes interior condition and energy efficiency over a large lot. It’s less ideal for families who want a big backyard or for investors seeking land value appreciation.

Five Possible FAQs

1. Why is the assessed value so much lower than the neighbourhood average?
The neighbourhood average for West Wolseley is $386,400, but that includes many older, larger homes on bigger lots with higher land value. This property’s assessed value reflects its smaller lot (1,500 sqft vs. 3,443 sqft neighbourhood average) and its more modest living area. It’s not overpriced for the area—it’s simply a different type of home than the historic character houses nearby.

2. How does the lot size compare to other newer homes in the area?
A 1,500-square-foot lot is typical for infill construction, where older homes are replaced with smaller-footprint builds on subdivided land. Citywide, it’s in the bottom 1% for lot size, so it’s definitely on the compact side. If you’re used to Winnipeg’s standard 50-foot lots, this will feel noticeably smaller, but it also means less yard work.

3. Is the home well-ranked compared to others on Richmond Way?
Yes, it ranks well on both living area (top 8%) and year built (top 8%), and around the middle for assessed value. The street is fairly consistent, with an average living area of 1,352 sqft and average assessed value of $277,700, so this home is slightly above or at street-level norms. It doesn’t stand out as either a fixer-upper or a premium property on the street.

4. What’s the neighbourhood like in terms of age and character?
West Wolseley is an established, tree-lined neighbourhood with a mix of early-to-mid-20th-century homes. A 1989 build is significantly newer than most—only 3% of homes in the area are as recent. That means fewer heritage restrictions and simpler maintenance, but the architectural style will differ from the traditional craftsman and bungalow designs that define the area.

5. Should I be concerned about the “below average” land area rankings?
Not necessarily, but it depends on your priorities. The small lot is the main trade-off for a newer, well-maintained home at a below-average price point. If you need space for gardening, a shop, or kids to play, this isn’t the right fit. If you prefer a compact yard with less upkeep, it’s a practical advantage. The ranking is apples-to-oranges against older homes with double or triple the lot size.