440 Speers Road – Property Summary

Key Characteristics & Buyer Profile

This is a 1948-built home with 936 square feet of living space on a notably large 7,935-square-foot lot in Windsor Park, Winnipeg. The house itself is smaller than most comparable properties on its street, in its neighbourhood, and across the city—ranking in the bottom 20–30% for living area. The assessed value of $317,000 is also below street and neighbourhood averages, though it sits closer to the citywide median. The standout feature is the land: the lot is in the top 11% citywide and top 6% in Windsor Park, meaning buyers get significantly more outdoor space than typical for the area.

The appeal here is less about move-in-ready square footage and more about potential. The small house on a large lot makes this a candidate for expansion, redevelopment, or simply enjoying a generous yard in an established neighbourhood. It would suit buyers who prioritize outdoor space over interior size, or those open to a renovation or rebuild. Investors or DIY homeowners might see it as a value-add opportunity, given the below-average assessment relative to land value. It’s less ideal for someone wanting a turnkey, spacious home without plans for work.

Five Possible FAQs

1. Why is the living area so small compared to other homes in the area?
The 936-square-foot floor plan is typical of post-war starter homes in Windsor Park. Many surrounding houses have been expanded or replaced over time, which pushes the average higher. This property retains its original footprint, which partly explains both the lower living area and the lower assessed value.

2. Is there potential to build an addition or a second house on the lot?
The lot is 7,935 square feet—well above neighbourhood and city averages. Whether an addition or a secondary dwelling is possible depends on current zoning, setbacks, and city bylaws. You’d need to check with Winnipeg’s planning department, but the lot size alone puts you in a better position than most nearby properties.

3. Why is the assessed value below average despite the large lot?
Assessed value in Winnipeg is based primarily on market value, which considers both the house and land. Here, the older, smaller home pulls the total down relative to neighbours with larger or updated houses. The land value is likely solid, but it doesn’t fully offset the structure’s age and size in the assessment.

4. How does the age of the home affect insurance or maintenance?
Homes built in 1948 often have older electrical, plumbing, and foundations. Some insurance companies may charge higher premiums or require inspections for older wiring (e.g., knob-and-tube) or outdated heating systems. A pre-purchase home inspection is strongly recommended to identify any deferred maintenance.

5. Is this property a good investment compared to newer homes in the area?
That depends on your goals. If you’re looking for immediate rental income or a low-effort resale, a newer home might be simpler. But if you’re willing to renovate or hold for land appreciation, the below-market assessment and outsized lot give you more upside potential than many comparably priced properties in Windsor Park. The trade-off is time and uncertainty around permit costs and scope of work.