562 Redwood Avenue – Property Summary

Key Characteristics & Buyer Profile

This is a 720 sqft home built in 1911, located in Winnipeg’s William Whyte neighbourhood. Its standout feature is the land: the lot measures 4,467 sqft, placing it in the top 6% of the neighbourhood and top 20% on its street. Most nearby properties sit on roughly 3,200–3,500 sqft lots, so this one offers noticeably more outdoor space.

The living area and assessed value are both below average across all comparison levels—street, neighbourhood, and citywide. A 96k assessed value puts it in the bottom 8% of its street and bottom tier citywide. The home itself is older than most in the city, but roughly in line with the surrounding area’s building stock, where the average year built is 1927–1934.

The appeal here is not the house itself; it’s the land. Buyers who value yard space, gardening, storage, or future expansion potential (subject to zoning and permits) will see the most opportunity. This property would suit a buyer who is comfortable with an older, smaller home and is willing to invest in upgrades or maintenance over time. It’s less suited to someone looking for a turnkey property or a larger living footprint without renovation. For investors or DIY homeowners in the William Whyte area, the land-to-building ratio is worth a closer look.

Frequently Asked Questions

1. How does the living space compare to other homes in the area?
It’s smaller than most. At 720 sqft, it ranks in the bottom 20% on its street and bottom 11% in the neighbourhood. If you need a large open layout or multiple bedrooms on the main floor, this may feel tight without extension or reconfiguration.

2. Is the assessed value a reliable indicator of the purchase price?
Assessed value is a baseline used for property taxes, not market value. At 96k, it’s well below average, but actual sale prices depend on condition, demand, and what a buyer is willing to pay for the land. It’s possible the property sells above assessment if the lot is the main draw.

3. What are the potential drawbacks of a home built in 1911?
Older homes can have outdated electrical, plumbing, insulation, and foundation work. While many homes in the neighbourhood are similarly aged, a 1911 build may require more immediate attention than a mid-century home. A thorough inspection is strongly advised.

4. Why is the land area considered a strong point when it’s only around average citywide?
Because the lot is large relative to nearby homes. On this street and in this neighbourhood, most properties are on smaller parcels. Citywide averages include suburban lots that are much larger, so the comparison shifts. For the neighbourhood, a 4,467 sqft lot stands out.

5. What type of buyer typically looks at properties like this?
Often it’s someone who prioritizes outdoor space over interior square footage, or a buyer planning a renovation or addition. It may also appeal to investors who see potential in holding a larger lot in a neighbourhood where land values could rise over time.