560 Redwood Avenue – Property Summary

Key Characteristics & Buyer Profile

This is a modest single-family home in Winnipeg’s William Whyte neighbourhood, built in 1905. At 1,084 square feet, the living area sits slightly above the average for its own street but below citywide norms. The standout feature is the land: a 4,469 sqft lot that ranks in the top 6% within the neighbourhood and top 19% on the street—well above local averages. The assessed value is low (approximately $98,000), ranking near the bottom across all three comparison levels.

The property’s appeal is rooted in its land-to-building ratio. A buyer gets a large, well-proportioned lot on a street where neighbouring homes tend to have smaller yards, which can be uncommon in older inner-city areas. The home itself is older, and both its condition and the assessed value suggest it may need work. That makes this a natural fit for someone looking for a renovation or redevelopment opportunity, particularly if the house can be updated or replaced while maximizing the land value. It could also suit a buyer who prioritizes outdoor space over interior size, in a centrally located neighbourhood close to downtown and services. It is less appropriate for anyone seeking a move-in-ready, low-maintenance home or top-tier citywide finishes.

Frequently Asked Questions

1. How does the low assessed value affect my taxes or mortgage?
A lower assessed value means property taxes should be modest relative to most Winnipeg homes. However, lenders typically base mortgages on the purchase price or appraised value, not the assessed value. If the home needs significant repairs, financing may be harder to secure—especially for conventional mortgages. It’s worth getting a pre-inspection and speaking with a lender early.

2. The lot is large for the area—are there any zoning or usage restrictions I should know about?
You’ll want to confirm current zoning with the City of Winnipeg. While a large lot often opens up options like adding a garage, a laneway suite, or subdividing, older neighbourhoods may have lot size minima, frontage requirements, or heritage overlay restrictions that limit what can be done. A title search and zoning check are recommended before making plans.

3. What are typical maintenance concerns for a home built in 1905?
Homes of this vintage often have knob-and-tube wiring, lead or galvanized plumbing, foundation settling, and insulation gaps. The age alone doesn’t disqualify the property, but you should budget for system upgrades. The ranking suggests it’s older than 90% of citywide homes, so structural and mechanical inspections are essential—not optional.

4. How does this property compare to others in William Whyte?
William Whyte is an older, centrally located neighbourhood with a mix of well-kept homes and fixer-uppers. This property’s living area is average for the area, but its lot size is in the top 6%, giving it a notable advantage for space and potential. Its assessed value sits in the bottom 20% locally, which reflects the building’s age and possibly its condition more than the land’s worth.

5. Is this more of a land play or a home purchase?
It leans toward a land purchase with a house attached. The low building value, large lot, and high land-area ranking relative to the neighbourhood suggest the property’s primary value is in the site itself. Buyers who plan to live in the home may need to invest substantially in upgrades; those looking to develop or hold for land appreciation may find better long-term value here than in the current structure.