49 Lenore Street – Property Overview

Key Characteristics & Buyer Profile

This is a modestly priced starter home on Lenore Street in Winnipeg’s Wolseley neighbourhood. The property’s assessed value sits at $222,000, well below both the street average ($359.7k) and the Wolseley average ($371.3k). For context, it ranks near the very bottom of the street (118 out of 118) and in the bottom 12% citywide for value.

The land area is the property’s strongest feature. At 3,051 sqft, it’s above average for Lenore Street (top 19%) and right around the middle for Wolseley. That’s a decent-sized lot for the neighbourhood, though smaller than the typical Winnipeg suburban parcel.

The home was built around 1917, which is typical for Wolseley—the neighbourhood average is 1916. Buyers should expect the maintenance quirks and charm of a century-old house.

Where the appeal lies: This property is for someone who wants into Wolseley—a walkable, character-rich inner-city neighbourhood—without paying the premium many homes here command. The low assessed value suggests either a smaller living area, needed updates, or both. The land gives you outdoor space that many comparably priced city homes lack.

Who it suits: First-time buyers with renovation appetite, investors looking for a lower entry point in a desirable area, or anyone willing to trade “move-in ready” for location and lot size. It’s less suited for someone wanting a turnkey property or a large modern floor plan.

Five Frequently Asked Questions

1. Why is the assessed value so much lower than other homes on the same street?
The gap (over $137k below the street average) could reflect a smaller living area, deferred maintenance, or a less updated interior. Homes on this block may also vary significantly in square footage or finish quality. A physical viewing and building inspection will clarify what’s driving the disparity.

2. How does the lot size compare to newer Winnipeg homes?
At 3,051 sqft, this lot is about half the size of the typical Winnipeg home lot (citywide average is 6,570 sqft). That’s normal for an older inner-city neighbourhood like Wolseley—streets are narrower, lots are more compact. You get a backyard, but not a sprawling suburban yard.

3. What should I know about maintaining a 1917-built home?
Expect original foundation, knob-and-tube wiring (if not updated), old plumbing, and likely no wall insulation. The good news: Wolseley homes have been lived in for a century, so major structural issues are often already addressed. The less obvious consideration is lead paint and asbestos in old flooring or pipe wrap—standard for pre-1950s homes.

4. Is this property a good candidate for a renovation loan or mortgage?
Possibly, depending on the home’s condition. If the living area is small or the interior is dated, a Canada Mortgage and Housing Corporation (CMHC) purchase-plus-improvements program (like the Green Home or Homeowner Loan) could apply. But the low assessed value might also cap how much renovation cost you can finance. Best to check with a lender early.

5. How does Wolseley compare to other Winnipeg neighbourhoods for resale value?
Wolseley has held value well over time due to its mature tree canopy, proximity to the river, and walkable commercial strips (Corydon, Sherbrook). It attracts buyers who want character over new builds. However, the resale ceiling is lower than in suburbs like Linden Woods or Royalwood—you’re unlikely to see rapid price jumps, but demand stays steady. The trade-off is lower initial cost and a more established community.