394 Redwood Avenue – Property Summary

Key Characteristics & Buyer Profile

This is a 2006-built home with 1,056 sqft of living space on a 4,541 sqft lot, currently assessed at $220,000. Its strongest feature is the land: the lot ranks in the top 5% within the William Whyte neighbourhood and top 15% on its street, meaning it offers noticeably more outdoor space than nearby properties. The home itself is also significantly newer than most of its neighbours—built in 2006 versus street and area averages of 1934 and 1927—so it avoids many of the maintenance concerns typical of older Winnipeg housing stock.

The assessed value sits above the street and neighbourhood averages, but well below the citywide average for comparable homes. This suggests the property is priced at a premium relative to its immediate area but remains affordable compared to the broader city market. The living area is roughly average for its street and neighbourhood but slightly smaller than the citywide comparison.

Who it suits: Buyers who value a larger lot and a newer build in an older, established neighbourhood. It would work well for someone who wants room for a garden, workshop, or outdoor space without paying for a bigger house. It’s less suited for those prioritizing interior square footage or proximity to citywide amenities, as the lot and house size trade-offs are clear. First-time buyers or investors looking for above-average lot size in a modest-price area may find it particularly appealing.

Five Possible FAQs

1. How does the assessed value compare to what I’d actually pay?
The assessed value is a tax calculation, not a market price. At $220,000, it’s above the street average ($174k) and neighbourhood average ($149k), which suggests the market already values it higher than typical nearby homes—likely due to the newer build and larger lot. But citywide, it’s well below the $390k average, so it should remain reasonably priced relative to the rest of Winnipeg.

2. Is this a good property for redevelopment or expansion?
The 4,541 sqft lot is larger than most in the area (top 5% in the neighbourhood), so there’s more flexibility for additions, a garage, or subdivision—subject to local zoning. However, the home is relatively new (2006), so immediate redevelopment may not make economic sense unless you’re specifically after the land.

3. Will the older neighbourhood feel like a drawback?
The William Whyte area has much older housing stock (built mostly in the 1920s–30s). That can mean mature trees, established streets, and a settled character—but also older infrastructure and potentially less walkability or fewer modern retail amenities. The property’s newer build helps it stand out positively within that context.

4. Why is the living area ranked lower than the lot?
The home’s 1,056 sqft is near the average for its street (1,005 sqft) but below the neighbourhood (1,158 sqft) and citywide (1,342 sqft) averages. So it’s not unusually small, but the lot size is far more generous relative to its peers. If you need more indoor space, you’d be trading land for square footage elsewhere.

5. What does “assessed value ranked #172,516 citywide” mean for resale?
That ranking (top 89%) means the property is in the bottom 11% of assessed values across Winnipeg. That’s not a negative—it reflects the home’s location in a lower-cost area. For resale, it means the buyer pool will likely be local or budget-focused. The strong neighbourhood ranking (top 11%) shows it’s one of the higher-value properties in its immediate area, which can help with resale within William Whyte.