Property Overview: 503 Gateway Road, Winnipeg
Key Characteristics & Appeal
This 891 sqft bungalow, built in 1949, presents a classic Winnipeg home with a distinct value proposition. Its primary appeal lies in a desirable combination of a larger-than-average lot and a strong assessed value relative to its immediate neighbourhood. The 5,547 sqft land area is notably above average for both Gateway Road and the wider Munroe East area, offering valuable outdoor space and potential. While the living space is compact and the home is among the older on its street, its assessed value ranks in the top 25% locally, suggesting it is viewed as a solid asset within its specific context.
This property would suit practical, value-oriented buyers. It's ideal for first-time homeowners comfortable with a character home that may require updates, or for investors seeking a property with a strong lot size in a stable neighbourhood. The recent sale history indicates steady appreciation, appealing to those looking for a foothold in the market without the premium of a new build. A thoughtful perspective is that this home offers the chance to own a generous yard—a growing rarity—while the compact interior encourages efficient, minimalist living or a well-planned renovation to modernize the footprint.
Frequently Asked Questions
1. How does the assessed value compare to recent sale prices?
The home is assessed at $312,000. It last sold in 2024 for an estimated $300,000–$350,000, and in 2022 for $250,000–$300,000. This indicates the assessed value is closely aligned with recent market activity.
2. Is the house smaller than others in the area?
Yes. At 891 sqft, the living area is below the average for both Munroe East and Winnipeg overall. However, it is closer to the average for its specific street (Gateway Road), where it ranks near the middle.
3. What does the lot size ranking mean?
The lot of 5,547 sqft is a key feature. It ranks in the top 16% on Gateway Road and the top 21% in Munroe East, meaning it is significantly larger than many neighbouring properties, which average under 5,000 sqft.
4. The home was built in 1949. Is that a concern?
As one of the older homes on the street, it likely requires diligent maintenance and may have outdated mechanical systems, insulation, or windows. A thorough inspection is essential. The upside is the potential for character and the established, mature neighbourhood setting.
5. How can I get the exact historical sale prices?
The precise sale prices are not publicly listed. You can request them by emailing through the listing page. The service provides the exact figures manually and does not use email addresses for unsolicited marketing.