31 Picardy Place – Property Summary

Key Characteristics & Buyer Profile

This is a 2,552-square-foot home on Picardy Place in the Wolseley neighbourhood of Winnipeg, built in 1905 on a 3,591-square-foot lot. Its standout feature is the living area: it ranks #1 on its street (top 6%), #88 out of 2,349 homes in the neighbourhood (top 4%), and within the top 3% citywide. The house is significantly larger than nearby homes, offering interior space usually found in newer or more expensive areas. The assessed value of $425,000 is above average for both Picardy Place and Wolseley, but only around average citywide, suggesting the home offers generous square footage without the premium price tag of comparable downtown or suburban properties.

The lot size is average for the street and above average for the neighbourhood, but small by citywide standards—typical for a mature, central area like Wolseley. The house is older than most in the neighbourhood (top 96% older) and citywide (top 98% older), which means it likely comes with original character and the maintenance challenges of a century-old home. The appeal here is clear: buyers who value space and period details over a new build or a large yard. Ideal candidates include growing families, renovators looking for a project with good bones, or anyone who wants a larger home in a walkable, established neighbourhood without paying premium citywide prices.

Five Possible FAQs

1. How does the assessed value compare to the home’s actual size?
The home is larger than 96% of the city’s comparable homes, yet its $425,000 assessed value is only around average citywide. This means you’re paying roughly the median price for substantially more square footage than typical. It’s a strong value proposition for size, but the age and lot size keep the assessment in check.

2. Is the 1905 build year a pro or a con?
It depends on your priorities. An older home often means better craftsmanship, thick plaster walls, and character details you won’t find in newer builds. However, it also means potential issues with wiring, plumbing, insulation, and foundation. This house is older than almost all its peers, so factor in renovation costs and ongoing maintenance.

3. Why is the lot considered “below average” citywide when it’s bigger than the neighbourhood average?
The neighbourhood average lot size in Wolseley is 3,434 square feet, while this lot is slightly larger at 3,591 square feet. But citywide, the average for comparable homes jumps to 6,570 square feet. Many newer or suburban homes sit on much larger plots, so while this lot is generous for the area, it’s small compared to the rest of Winnipeg. That’s typical for a central, older neighbourhood.

4. What does the “elite” ranking in living area actually mean for daily use?
A top-4% rank in the neighbourhood and top-3% citywide means this house offers more usable interior space than almost any other home you’d compare it to. Expect larger rooms, more closets, and better flow for entertaining or family life. It’s not just an extra bedroom—the whole layout feels spacious. The trade-off is that you’re paying to heat and maintain all that square footage.

5. Is this a good investment property?
Potentially, but with caveats. The living area and relatively moderate assessed value create an opportunity for forced appreciation through renovations, especially if you can modernize the kitchen or bathrooms while preserving original features. However, the small lot and older construction limit the upside for a pure land play, and rental yield may be affected by higher maintenance costs. It’s better suited as a long-term hold for someone who’ll live in it or do a thoughtful renovation.