226 Walnut Street – Property Summary

Key Characteristics & Buyer Profile

This is a 2,092 sqft home on a 3,488 sqft lot, built in 1907. Its standout feature is space – both inside and on the lot – relative to comparable properties. On Walnut Street, it ranks in the top 16% for living area and the top 13% for lot size. Citywide, it’s in the top 9% for interior square footage.

The assessed value tells a different story: at $253k, it’s well below average for the street, neighbourhood (Wolseley), and city. This is a house with more physical footprint than its tax valuation suggests. That gap can work in a buyer’s favour if they're comfortable with an older home that hasn’t been fully “priced up” to match its size.

The year built (1907) is older than most in Wolseley and the vast majority citywide (top 96% oldest). That means character and likely solid construction, but also the realities of an older house – maintenance, possibly outdated systems, and limits on renovation potential depending on zoning or heritage designations.

Who it suits: Buyers who prioritise interior space and a good-sized lot over a move-in-ready, modern finish. Anyone comfortable with an older home and willing to invest sweat equity or capital into upgrades. It may also appeal to someone who wants a larger footprint in Wolseley without paying a premium assessed value – essentially, more house for the tax base.

Five Possible FAQs

1. The assessed value is low compared to similar homes. Does that mean the property is undervalued?
It depends on the lens. The assessed value is a baseline for property taxes, not a market price. A low assessment relative to size could mean the home’s condition or age hasn't driven its taxable value up. It’s worth looking into recent sale prices on the street and getting a market appraisal – but don’t assume the assessment reflects what you’d actually pay or sell for.

2. What does it mean that the house ranks in the top 96% citywide for age?
It’s among the oldest homes in Winnipeg. That often comes with thicker wood framing, historical details, and a established tree canopy. It also means you should budget for older plumbing, electrical, insulation, and possibly foundation work. A pre-purchase inspection by someone who knows pre-war houses is advisable.

3. How does the lot size compare to newer subdivisions in the city?
The lot is 3,488 sqft – above average for Walnut Street and consistent with Wolseley norms, but well below the citywide average of 6,570 sqft. That’s typical for older, inner-city neighbourhoods: larger lots are common in post-war suburbs. For Wolseley, this lot is standard.

4. Is this a good investment for a fix-and-flip or rental?
The low assessed value and large interior could support a renovation play, but the 1907 build means permitting and structural unknowns. Wolseley is a desirable, established neighbourhood, so resale demand is steady. For a rental, you’d want to check current rental rates per square foot – larger, older units sometimes rent at a discount compared to renovated smaller homes.

5. How does the ranking system work, and what does “Top 16%” really mean for daily use?
The rankings compare this property against similar homes on the same street, in Wolseley, and across Winnipeg. “Top 16%” for living area means 84% of comparable homes on Walnut Street have less interior space. For daily life, that translates to more room for furniture, family, or a home office. But it doesn’t account for layout – an older home might have smaller rooms or a less efficient floor plan, so visit in person to judge usability.