502 Newman Street – Property Summary

Key Characteristics & Buyer Fit

This 1,288 sqft home, built in 1910, sits on a 2,349 sqft lot in the Wolseley neighbourhood. Its standout feature is the living area: on Newman Street, it ranks in the top 15%, meaning it offers notably more interior space than most of its immediate neighbours. The assessed value of $336,000 also sits above the street average, suggesting the home holds its value relative to nearby properties.

The trade-off is the land. The lot is small by both street and neighbourhood standards—ranking in the bottom 20% on Newman and bottom 10% in Wolseley. The year built, 1910, is older than most homes on the street and citywide, which will appeal to some buyers and concern others.

This property suits buyers who prioritise indoor square footage and character over outdoor space. It’s a strong fit for someone looking for a larger-than-average house in a central, established neighbourhood, who is comfortable with an older home’s maintenance realities and doesn’t need a big yard. It may be less appealing to families wanting a generous lot or those seeking a move-in-ready, low-upkeep newer build.

Frequently Asked Questions

1. How does the assessed value compare to what I might actually pay?
The assessed value of $336,000 is above the street average but below the neighbourhood and city averages. Assessed value is a tax calculation tool, not a market price. In a sought-after area like Wolseley, homes often sell above assessment—particularly if the interior condition is strong. You’d want to look at recent sale prices on Newman Street specifically to gauge real market expectations.

2. Is a 1910 home a risk for major repairs?
It depends entirely on what’s been updated. Many homes from this era have had their electrical, plumbing, roofing, and windows replaced—but not all. The data doesn’t indicate renovation history, so a thorough inspection is essential. The upside is that homes of this age often have solid construction, mature trees, and details you don’t find in newer builds. The downside is that some systems may be near or past their lifespan.

3. Why is the lot size so small compared to the neighbourhood average?
Newman Street and parts of Wolseley were developed in an era when narrower lots were common, especially close to the core. The neighbourhood average of 3,434 sqft is pulled up by larger lots on side streets and newer infill. A 2,349 sqft lot is typical for this particular block—it’s not an outlier in context, though it is small relative to the full neighbourhood range.

4. How does the living area compare to typical Wolseley homes?
Your home’s 1,288 sqft is slightly below the neighbourhood average of 1,622 sqft, but that average includes many larger, multi-story homes. Within the top 15% on your street, this is a larger-than-average house for the immediate area. It’s a matter of perspective: generous for Newman Street, modest for Wolseley as a whole.

5. What does “Top 42% citywide” for living area actually mean?
It means this home has more living space than about 42% of all comparable homes in Winnipeg, and less than the other 58%. It’s near the middle of the citywide range. For a central neighbourhood like Wolseley, that’s reasonable—homes close to downtown tend to be smaller than suburban or newer construction farther out. If you want a true sense of how the space feels, visiting the property is more useful than the ranking.