503 Best Street

503 Best Street – Property Summary

Key Characteristics & Buyer Profile

This is a 1,013 sqft home built in 1961 on a 5,135 sqft lot, with an assessed value of $316,000. Its strongest relative advantage is age: on this street, it ranks in the top 26% for year built, meaning it’s older than many nearby homes but holds its own in terms of character and established construction. The land area also ranks well locally—top 28% on the street—offering a yard that’s slightly above average for the immediate block.

Where the property falls short is living space. At nearly 170 sqft smaller than the street average and over 350 sqft smaller than the neighbourhood average, it’s a compact home. The assessed value reflects this, coming in below the Westwood neighbourhood median ($392K) but roughly in line with citywide norms.

The appeal here is for buyers who prioritize lot size over square footage and who value being on a street where the homes have a consistent vintage. It suits someone looking for a smaller, more manageable house with outdoor space, possibly a first-time buyer or an empty-nester who doesn’t need a large interior. It could also suit an investor who sees potential to add square footage on a lot that’s generous for the street. The property isn’t flashy, but it’s priced realistically relative to its street and city, which may offer more stability than chasing a "fixer-upper" in a higher-ranked neighbourhood.

Frequently Asked Questions

1. Why is the living area so much smaller than the neighbourhood average?
This home was built in 1961, which is earlier than many homes in Westwood (average year built: 1966). Mid-century bungalows and ranches in this area tend to have smaller floorplans than later infill builds or two-storey homes that came in subsequent decades. The lot, however, is a standard size for the street, so the ratio of land to house is higher than average.

2. How does the assessed value compare to similar homes on the street?
It’s slightly below the street average of $329K, ranking 29th out of 50 homes. This suggests it’s priced fairly for its size and condition relative to immediate neighbours. The gap widens at the neighbourhood level, where average values climb to $392K—meaning you’re paying less for the Westwood location, likely due to the smaller living area.

3. Is the lot size actually usable or just narrow?
At 5,135 sqft, it’s above average for the street (ranked 14th out of 50) but below the neighbourhood average of 6,491 sqft. It’s a standard rectangular lot, not an oversized pie-shaped one. The usability depends on the layout; if it’s a rear-yard-dominated shape, you have decent space for a garden, shed, or expansion. It’s worth viewing the site plan to see the exact dimensions.

4. How does this property compare to others in the same price range citywide?
Citywide, it ranks in the top 66% for assessed value and top 73% for living area. That means among homes near $316K in Winnipeg, this one has slightly less interior space than average but a lot size that’s right around the city median. It’s not an outlier in either direction—just a compact home on a typical city lot.

5. What’s the catch with the “Top 88%” ranking for living area on this street?
The ranking uses a “larger is better” scale, so being in the top 88% means it’s in the bottom 12% of homes on the street for size. The street itself has an average living area of 1,181 sqft, so this home is notably smaller. If you compare it to the entire city, the gap narrows (top 73%), but on its own block, it’s one of the more compact options. That could be a positive for someone who doesn’t want a large house, but it does limit resale appeal to buyers who prioritize square footage.