505 Stiles Street – Property Summary

Key Characteristics & Buyer Profile

This is a 1,106-square-foot home on a 2,776-square-foot lot, built in 1905 and assessed at $289,000. Its main appeal is the lot. On Stiles Street, it ranks in the top 11% for lot size—significantly larger than the street average of 2,511 square feet. This is a meaningful advantage in Wolseley, a neighbourhood where lot sizes are generally tighter than the citywide average.

The house itself is modest. Its living area is around average for the street and city, but small for the neighbourhood. The assessed value is below the Wolseley and city averages, and the home is among the oldest on the street, in the neighbourhood, and in the city. That means a buyer should expect older systems, potential maintenance needs, and likely no major recent renovations reflected in the price.

This property suits a buyer who wants a larger lot in a desirable older neighbourhood and is willing to take on a fixer-upper or update a vintage home gradually. It’s less suited for someone looking for a move-in-ready house or who prioritizes modern square footage over outdoor space. The price point is relatively low for Wolseley, which may attract investors or first-time buyers comfortable with projects.

Five Possible FAQs

1. What does the low citywide rank for year built mean in practical terms?
   The home was built in 1905, which places it among the oldest 2% of comparable properties across Winnipeg. Expect knob-and-tube wiring, lead pipes, or foundation materials common to that era. A thorough inspection is essential, and some lenders may have restrictions on insuring very old homes.

2. The lot is large for the street but small for the city—how should I interpret that?
   On Stiles Street, a 2,776 sqft lot is above average, giving you more outdoor space than neighbours. But citywide, the average lot for a comparable home is over twice that size. This means you have a good lot for the immediate area, but not unusually large by Winnipeg standards. It’s a location-specific advantage, not a rare find citywide.

3. Is the assessed value of $289,000 a fair reflection of the home’s condition?
   Assessed value is a market-based estimate, not a condition report. Being below the neighbourhood average ($371k) and city average ($390k) suggests the home is priced for its age and smaller living area, but it doesn’t account for needed repairs. The low value could mean the assessment already factors in deferred maintenance, or simply that the market doesn’t price old, small homes as high.

4. How does this home compare to others recently sold on Stiles Street?
   The listing ranks the property at the middle of the street for both living area and assessed value. This suggests it’s priced in line with nearby homes of similar size. However, because it’s older and on a larger lot, the value may be more in the land than the structure. Check recent sale prices on the street to see if older homes sold for a premium or discount.

5. What is the potential upside for a buyer?
   The main opportunity is the lot. In a neighbourhood like Wolseley, where lot sizes are smaller and homes are older, a larger lot can be a long-term asset if zoning allows for an addition, laneway suite, or simply more garden space. The relatively low assessed value also leaves room for equity growth if you improve the home—provided the improvements align with what the neighbourhood market will support.