Key Characteristics & Buyer Profile

This is a 1,375 sqft home built in 1938 on a 3,803 sqft lot, located at 194 Ethelbert Street in Winnipeg’s Wolseley neighborhood. Its main appeal is that the building is genuinely old and solid—it ranks in the top 6% for age on its street and in the neighborhood. That’s unusual for a 1938 house in a city where the average comparable home is newer. The assessed value ($491k) is notably above the Wolseley average ($371k) and well above the street average ($454k), ranking in the top 11% neighborhood-wide. This suggests a property that’s been well-maintained, updated, or has desirable features not captured by square footage alone.

Where it falls short is living area. At 1,375 sqft, it’s below the street average (2,201 sqft) and ranks dead last on Ethelbert Street. The lot is average for the street but below the citywide typical lot size.

This property would suit a buyer who values character, location, and construction quality over raw interior space. It’s likely a better fit for someone who wants a solid older home in a walkable, established neighborhood, and is willing to work with a smaller footprint—possibly a couple, a downsizer, or someone looking for a project with good bones rather than a move-in-ready family home with generous rooms.

Five Frequently Asked Questions

1. Why is the assessed value so high relative to the neighborhood average, given the small living area?

The $491k assessment likely reflects factors beyond square footage—such as a premium lot location, recent renovations, upgraded mechanicals, or a finished basement not counted in the main living area. It could also indicate the home has more bedrooms or bathrooms than typical for the area. The ranking (top 11% in Wolseley) suggests it’s seen as a high-value property despite its modest size.

2. The home was built in 1938—should I expect major maintenance issues?

Properties from that era often have solid construction, but systems (plumbing, electrical, insulation, foundation) may be original or nearing end-of-life. The fact it ranks in the top 6% locally for age means most nearby homes are newer, so it’s worth checking whether updates have been made. A thorough home inspection is essential, especially for knob-and-tube wiring, lead pipes, and window condition.

3. How does the lot size compare to what’s typical for Winnipeg?

At 3,803 sqft, the lot is above average for Wolseley (3,434 sqft) and average for Ethelbert Street (3,886 sqft). But citywide, it’s below the typical comparable home lot of 6,570 sqft. So while it’s generous for the immediate neighborhood, don’t expect a large backyard by Winnipeg standards.

4. Is the property overpriced compared to others on the same street?

The assessed value is about 8% above the street average ($454k), but ranking #21 out of 63 homes means roughly two-thirds of the street is valued lower. This doesn’t mean it’s overpriced—it likely has distinguishing features. However, the living area is significantly smaller than most homes on the street, so resale value may be more sensitive to market conditions for smaller houses in a street of larger ones.

5. What’s the neighborhood like for resale or long-term value?

Wolseley is an established, desirable central Winnipeg neighborhood with mature trees, older character homes, and proximity to the river, shops, and transit. The property’s rank in the top 11% for assessed value suggests strong relative value retention. But its bottom-of-street ranking for living area means future buyers will likely be similar (small households valuing character), which could narrow the pool if market demand shifts toward larger homes.