113 Lipton Street – Property Summary

Key Characteristics & Buyer Profile

This is a century-old home (built 1914) in Winnipeg’s Wolseley neighbourhood, with 1,232 sqft of living space on a 2,525 sqft lot. Its assessed value is $400,000.

The property’s standout feature is its assessed value relative to comparable homes on Lipton Street. It ranks in the top 7% on the street, but is much closer to the neighbourhood and city averages—meaning the value spike is local, not broad. The living area is average for the street and city, but below average for Wolseley, which tends to have larger homes. The lot size is small by both neighbourhood and city standards, which is typical for older, inner-city infill areas.

The appeal here is less about space and more about location and relative value. Wolseley is a mature, walkable neighbourhood with character. Buyers who prioritize being close to amenities, older architecture, and a tight-knit street feel—and who don’t need a large yard or the biggest house on the block—will find this property a strong fit. It would suit first-time buyers looking for an established area, downsizers who want character without a massive footprint, or investors targeting a sought-after neighbourhood with potential for incremental improvements.

Frequently Asked Questions

1. How does the assessed value compare to similar homes nearby?
The $400,000 assessment is well above the median for Lipton Street ($250,200) and slightly above the Wolseley average ($371,300). It’s around the citywide average for comparable homes ($390,100). The property is notably overvalued relative to its own street, but not out of step with the broader neighbourhood or city.

2. Is the small lot size a disadvantage?
The 2,525 sqft lot is below average for Wolseley (3,434 sqft) and significantly smaller than the citywide average (6,570 sqft). For buyers who want a large garden or room for additions, this is a clear limitation. However, smaller lots often mean lower maintenance and are common in older, walkable neighbourhoods where yard space is traded for location.

3. What can you tell me about the home’s age and condition?
Built in 1914, the home is older than most in Winnipeg (median build year is 1966). It’s also older than the average for Lipton Street (1919) and Wolseley (1916). Age alone doesn’t indicate condition, but century homes often require ongoing maintenance—electrical, plumbing, foundation, and insulation should be reviewed. They also offer features like solid wood framing and character details that newer builds may lack.

4. How does this property rank in Wolseley overall?
The home is in the bottom quartile for lot size (top 80%) and living area (top 75%) in the neighbourhood, but ranks in the top 30% for assessed value. This imbalance—a smaller home on a small lot with a relatively high value—suggests the premium is driven by location and street-specific demand rather than the structure itself.

5. Who is this house not right for?
Buyers needing a large yard, multiple spacious bedrooms, or a move-in-ready home with modern finishes may find this property limiting. Also, anyone hoping for a “good deal” purely based on price per square foot should note the value is already elevated for the street. This home works best for buyers who see the location and character as the primary assets, not the physical footprint.