124 Addison Crescent – Property Summary

Section 1: Key Characteristics & Buyer Profile

This is a 1,482-square-foot home built in 1963, sitting on a 5,120-square-foot lot in Winnipeg’s Westwood neighbourhood. Its standout feature is interior space: the living area ranks in the top 12% on Addison Crescent and top 29% across the neighbourhood, well above the local average of 1,257 square feet. The assessed value of $379,000 is slightly above the street average ($361,000) but sits near the midpoint for Westwood and the city as a whole.

Where the property falls short is land. The lot is notably small for the area—ranking 55th out of 59 homes on the street and in the bottom 5% neighbourhood-wide. This suggests the house was built on a tighter parcel, likely as part of a denser subdivision pattern common in the early 1960s. The year built is unremarkable for the area.

The appeal lies in getting more interior square footage for the money, on a street where values are slightly above average but not inflated. It would suit buyers who prioritize room inside—families needing space, or someone looking for a solid mid-century starter home—and who are comfortable with a smaller yard. It’s less suited to anyone wanting a large lot for gardening, expansion, or privacy from neighbours. The lot constraint also means less potential for a future basement walkout or significant rear addition without variances.

Section 2: Five Possible FAQs

1. How does this property’s assessed value compare to similar homes nearby?
The assessed value of $379,000 is about 5% higher than the average on Addison Crescent ($361,000), but slightly below the neighbourhood average of $392,100. Citywide, it sits near the middle of comparable homes. This suggests the home is priced competitively for its street, with the larger living area likely supporting the modest premium.

2. Why is the land area so small compared to other homes in Westwood?
This lot is 5,120 square feet, while the neighbourhood average is roughly 6,491 square feet. The home ranks in the bottom 4% of Westwood for land area. This likely reflects the original subdivision design—some streets were platted with narrower or shorter lots in the 1960s, particularly where homes were built closer together. It’s not unusual for the era, but it’s a clear trade-off against the larger interior.

3. Could I add a garage, shed, or extension with this lot size?
Possible, but tight. Winnipeg’s zoning typically requires minimum setbacks and lot coverage limits. With 5,120 square feet, a detached garage or small addition could still fit, but a major rear extension or second-storey addition may be limited. A site-specific zoning check would be wise, especially since neighbouring lots are larger and may have different allowances.

4. How does the home’s age affect its practical condition or renovation potential?
Built in 1963, the house is roughly 60 years old. That’s typical for Westwood (average 1966). Age alone isn’t a red flag, but it does mean original systems (electrical, plumbing, insulation, windows) may need updating. The larger interior footprint could make renovations more expensive per square foot than a smaller home, but the straightforward mid-century layout is usually easier to rework than newer, more complex floor plans.

5. Is this a good investment for resale value relative to the neighbourhood?
Potentially yes, but with caveats. The home’s living area is a clear asset in a market where space is valued, and the assessed value is below the neighbourhood average despite the larger interior—suggesting room for appreciation if you update smartly. However, the small lot is a ceiling: properties with limited land tend to appreciate slower than those on larger parcels, and future buyers may be similarly constrained. It’s likely a solid hold for a 5–10 year period rather than a quick flip.