58 Lydia Street – Property Summary
Key Characteristics & Buyer Profile
This is a 1,484-square-foot home built in 1903 on a 3,943-square-foot lot in Winnipeg’s West Alexander neighbourhood. The property sits in a sweet spot: it offers above-average assessed value on its street (ranked 2nd out of 7 homes, at $215K compared to the street average of $166.4K), but remains well below citywide median pricing (the $390K city average). In practical terms, it’s a house that has held its value relative to immediate neighbours without pricing in citywide escalation.
The living area is essentially average for the street and slightly above the neighbourhood norm, while the year built (1903) places it among older homes locally and well within the oldest tier citywide (top 99%). The lot is typical for the area but notably smaller than the Winnipeg average—a consideration for buyers wanting yard space.
Where the appeal lies: This property seems to offer relative value for someone who wants an older home with established character in a walkable, older neighbourhood, without paying peak prices. The assessed value gap between street and city levels suggests this could be a more affordable entry into an area where newer or renovated properties may be priced higher. The smaller lot and older construction may not suit everyone, but they also keep the price grounded.
Who it suits: First-time buyers looking for older-home charm on a budget; investors seeking a property with below-city-average cost basis in an established area; or those who prioritize neighbourhood feel and proximity over modern finishes and a large yard. Less obviously, it could appeal to someone interested in gradual renovation—the land and shell are there, but the house likely needs updating, which keeps the initial cost down.
Frequently Asked Questions
1. How does the assessed value compare to similar homes in the area?
On Lydia Street, it’s above average (ranked 2nd out of 7, at $215K vs. $166.4K street average). Within West Alexander, it sits around the neighbourhood median. Citywide, it’s well below average—the $390K city median is nearly double—which suggests the property is priced for the local market, not the broader Winnipeg market.
2. Is the lot size unusual for this neighbourhood?
The lot is 3,943 sqft, which is typical for West Alexander (ranked 239 out of 772 homes, top 31%). But compared to the Winnipeg average of 6,570 sqft, it’s noticeably smaller. If you’re coming from a suburban area, the yard will feel compact. If you’re used to older urban neighbourhoods, it’s standard.
3. How old is the house, and what does that mean practically?
Built in 1903, it’s one of the older homes on the street (ranked 4th out of 7). Citywide, it’s in the oldest 1% of properties. This likely means original construction details (thick plaster walls, solid wood framing, possibly knob-and-tube wiring or outdated plumbing). Buyers should budget for electrical, insulation, and foundation updates, and check for lead paint or asbestos if renovations are planned.
4. What’s the typical buyer for a home like this?
It suits people who don’t mind deferred maintenance and want to build equity through improvements rather than paying a premium upfront. It’s less suited to someone wanting a move-in-ready home or a large yard. The location—West Alexander—tends to attract those who value older, walkable neighbourhoods over new subdivisions.
5. How does this property compare to others on Lydia Street specifically?
There are only 7 homes in the comparison group on this street. This one is mid-range for living area (1,484 sqft, right at the street average) and lot size (3,943 sqft vs. 3,704 average), but stands out for having the second-highest assessed value. That suggests it may be in slightly better condition or have features the others lack, even if it’s not the largest or newest.