490 Dominion Street – Property Summary

Key Characteristics & Buyer Profile

This is a 1,645-square-foot home built in 1931 on a 4,967-square-foot lot in Winnipeg’s Wolseley neighbourhood. Its main appeal is the combination of an unusually large lot for the street and an assessed value that ranks among the highest on Dominion Street. The lot places in the top 6% on the street and top 8% in the neighbourhood—meaning most nearby properties have less outdoor space. The assessed value (475k) is well above the street average (286.2k), indicating significant investment in the property itself, not just the land. The living area is also generous compared to local homes, ranking in the top 14% on the street.

Where the property is less exceptional: its construction year (1931) is older than the citywide average (1966) and about average for its street. Citywide, the lot size is only around average (57th percentile), as many newer suburban properties sit on larger parcels.

This property would suit a buyer who values a larger-than-usual lot in an established, older neighbourhood like Wolseley, and who is willing to take on a home from the 1930s that likely needs updates or maintenance. It may not appeal to someone seeking a turnkey newer home or who prioritizes a large yard by suburban standards. The high assessed value relative to the street also suggests the home has been upgraded or has notable interior features worth investigating in person.

Five Possible FAQs

1. Is the lot genuinely large compared to most homes in the area?
   Yes—on Dominion Street, it’s in the top 6% for lot size, with most nearby lots averaging around 3,790 square feet. Within Wolseley, the average is even tighter at 3,434 square feet, and this lot is in the top 8%. Citywide, though, it’s closer to average because newer subdivisions often have larger standard lots.

2. Why is the assessed value so much higher than other homes on the same street?
   The assessed value ranks in the top 4% on Dominion Street, versus a street average of 286.2k. That gap likely reflects significant renovations, a superior interior condition, or a larger-than-typical house within the street’s housing stock. You’d want to verify what specifically drives the valuation when you view the property.

3. Is a 1931 home a concern for maintenance or renovations?
   It depends on how the home has been maintained. The year built is average for Dominion Street but older than the citywide average (1966). Homes from this era often have solid framing, but electrical, plumbing, insulation, and windows may need updating. A pre-purchase inspection is strongly recommended.

4. How does the living space compare to other homes in Wolseley?
   The 1,645 square feet is around average for the neighbourhood (1,622 square feet). It stands out more on Dominion Street itself, where the average home is 1,126 square feet. So within the immediate street, this is a larger home; within Wolseley more broadly, it’s typical.

5. What does the “rank” system mean for each metric?
   The ranking compares the property to similar homes on the same street, within the neighbourhood, and across the city. A lower rank number means a better position. For example, “top 4%” on the street for assessed value means only about 4% of comparable homes on Dominion Street have a higher valuation. The ranking is relative, not an absolute score—it shows where the property sits within each peer group.