576 Redwood Avenue – Property Summary

Key Characteristics & Buyer Profile

This is a 1909-built home with 662 sqft of living space on a 3,355 sqft lot, located in Winnipeg’s William Whyte neighbourhood. Its assessed value is $126,000.

The property’s standout feature is its land. The lot size ranks near the top of both the street (41st percentile) and neighbourhood (40th percentile), meaning it’s noticeably larger than many comparable properties nearby. This is its strongest asset—buyers who value outdoor space, potential for additions, or simply a bigger yard should take note.

The living area is small—662 sqft ranks well below the street average of 1,005 sqft and falls in the bottom 10% citywide. This compact footprint clearly limits the number of people or lifestyle demands it can comfortably serve. The assessed value is below the citywide average (which sits at $390k) but sits close to the street and neighbourhood averages, suggesting the price reflects local market conditions rather than the property itself being undervalued.

The home was built in 1909, which is older than the street average (1934). While this may appeal to those who prefer character homes, it also means potential buyers should anticipate maintenance and updates—plumbing, electrical, insulation, and foundation work are common considerations with homes of this vintage.

Who it suits: This property is likely a good fit for buyers prioritizing lot size over square footage—perhaps those with plans to build a secondary suite, a garage, or a garden. It could also appeal to first-time buyers willing to accept a smaller interior in exchange for more land, or to investors focused on land-banking in a neighbourhood with modest valuations. It would be a less obvious choice for families needing more indoor space or for buyers seeking a move-in-ready home with modern finishes.

Five Frequently Asked Questions

1. Is the $126,000 assessed value the asking price, or just a reference point?
Assessed value is set by the city for property tax purposes and may differ from the market listing price. It reflects the city’s estimate of the property’s baseline value, not necessarily what a seller is asking or what it will sell for.

2. How does the living area compare to other homes in William Whyte?
The 662 sqft footprint is below the neighbourhood average of 1,158 sqft. It’s a compact home—about 57% of the size of a typical nearby property. This means storage, room layout, and daily flow should be carefully considered during a viewing.

3. Does the larger lot add practical value beyond space for a yard?
Yes. A larger lot may allow for future development like a garage, a garden suite, or an addition, depending on local zoning rules. It also offers more privacy from neighbours and flexibility for outdoor activities. Buyers should check with the city on allowable uses.

4. What should a buyer watch for given the home’s 1909 construction year?
Homes from this era may have older wiring, galvanized plumbing, lead paint, or a foundation that needs attention. The absence of modern insulation can also affect heating costs. A professional inspection is strongly recommended, especially for the roof, basement, and electrical system.

5. Why is the assessed value so much lower than the citywide average?
Winnipeg’s overall average is pulled higher by more expensive neighbourhoods with larger, newer homes. William Whyte has a lower median value, so the $126k assessment is consistent with local comparables. This is typical—citywide averages often don’t reflect what a home is worth within its own area.