240 Lipton Street – Property Summary

Key Characteristics & Buyer Profile

This is a 1926-built home in Wolseley with 1,016 sqft of living space on a 3,772 sqft lot. The property's standout feature is the lot—it ranks in the top 5% on its street and top 22% in the neighbourhood, which is unusual for Wolseley. The assessed value sits at $334,000, above the street average of $250,200 but slightly below both neighbourhood and city norms.

The appeal here is the combination of a large, private lot with a house that's older and smaller than many nearby. That’s worth noting: while the living area ranks low in the neighbourhood (top 89%), the lot gives you room to expand, garden, or simply have space that most homes on Lipton Street don't offer. The home itself was built earlier than most on the block (top 22%), which may appeal to buyers who value character, original details, or the potential to renovate a structure with good bones.

This property would suit buyers who:

• Prioritize outdoor space over square footage
• Are looking for a character home in an established central neighbourhood
• See room to add value over time through renovation or expansion
• Want a home that's reasonably priced relative to its street peer group, but with a land asset that holds its own

Frequently Asked Questions

1. Why is the living area considered "below average" when the assessed value is above average on the street?
The home is smaller than many nearby, but its assessed value reflects the land size and the premium for being on a street where lots are generally smaller. You're paying for space outside, not inside.

2. How does the lot size compare to typical Winnipeg lots?
The citywide average lot size is roughly 6,570 sqft, which makes this lot appear small by that measure. But within Wolseley and on Lipton Street specifically, this lot is generous—most homes on the street sit on around 2,677 sqft. It's a relative advantage that matters more for neighbourhood fit than for resale to a citywide buyer.

3. Is a 1926 home likely to need major updates?
It depends on what's been done already. The year of construction means the house predates modern building codes, insulation standards, and electrical systems. A buyer should budget for upgrades to mechanicals, windows, and possibly foundation work. That said, homes of this vintage are often built with dense materials and solid framing that newer builds don't always match.

4. What's the neighbourhood like in terms of value retention?
Wolseley has historically held value well compared to other central Winnipeg neighbourhoods. The assessed value on this home sits around the neighbourhood median, which suggests stable pricing. The lot is the real asset here—land in established neighbourhoods rarely depreciates.

5. Is the property a good candidate for a renovation or addition?
Yes, and the lot data supports this. With 3,772 sqft of land and a relatively small footprint, there's room to add square footage without overcrowding the site. The lower-ranked living area actually works in your favour here—there's potential to bring it closer to neighbourhood averages through a thoughtful addition or reconfiguration. Just check zoning and setback rules before planning.