520 Sprague Street, Winnipeg — Property Summary

Key Characteristics & Ideal Buyer Profile

This is a 1921-built home with 1,040 square feet of living space on a 3,935-square-foot lot. The assessed value is $450,000.

What stands out: The home’s assessed value ranks high relative to its street, neighbourhood, and the city. On Sprague Street, it’s the 4th most valuable out of 50 homes (top 8%). In Wolseley, it ranks in the top 17%. This suggests the property holds above-average market value for its immediate context, likely due to location, condition, or updates that aren't captured by age or square footage alone.

The living area is around average for the street and city, but below the neighbourhood average (1,622 sqft) — meaning this is a smaller home by Wolseley standards. The lot is also smaller than the street average (4,129 sqft) and well below the citywide average (6,570 sqft). However, it’s above average for the neighbourhood (3,434 sqft), so the lot is a decent size for Wolseley.

The year built (1921) puts it among older homes citywide (top 87% older), but it’s actually newer than the average Wolseley home (1916) — so it’s old, but not the oldest on the block.

Appeal: The home offers good value relative to its street and neighbourhood peers. It’s likely a well-located property in a desirable part of Wolseley — a neighbourhood known for mature trees, character homes, and walkability. The high assessed value compared to similar homes suggests it may have had recent upgrades or is on a particularly good block.

Ideal Buyer: Someone who values location over square footage. A buyer who wants to live in Wolseley but doesn’t need a massive house or a giant yard. Given the older construction, the buyer should appreciate character homes and be prepared for potential maintenance that comes with a 100+ year-old structure. Could suit a couple, a small family, or someone looking for a solid entry point into the neighbourhood.

Five Possible FAQs

1. How does the assessed value of $450,000 compare to other homes in Wolseley?
It’s above average. The neighbourhood average for comparable homes is $371,300, so this home sits about 21% higher. On its own street, the average is $367,200 — making this one of the top few properties in terms of assessed value.

2. Is a 1,040-square-foot home considered small for the area?
Yes, compared to Wolseley as a whole, where the average living area is 1,622 square feet. But it’s about average for the city and for Sprague Street specifically. So it’s not unusually small — it’s just smaller than the neighbourhood norm.

3. What does the “ranked #42 out of 50” for year built mean?
It means the house is one of the older homes on Sprague Street — 84% of homes on the street were built after 1921. But in Wolseley overall, it’s newer than average (ranked in the top 24% for newer construction), since many homes in the area date to the 1910s or earlier.

4. The land area seems small compared to other Winnipeg properties — is that a problem?
Not necessarily. The citywide average lot size is inflated by newer subdivisions with larger yards. In Wolseley, the average lot is 3,434 square feet, so this lot (3,935 sqft) is actually bigger than most nearby. The smaller footprint is typical for older inner-city neighbourhoods, and many buyers in Wolseley prefer that.

5. What should I look for during a showing given the age of the home?
Focus on the condition of the foundation, roof, windows, and mechanical systems (furnace, electrical, plumbing). With a 1921 build, these are the things that matter most. Also check if any major updates have been done — the high assessed value suggests something is working in the home’s favour, but it’s worth verifying what that is rather than assuming.