4-650 Westminster Avenue – Property Summary
Key Characteristics and Buyer Profile
This is a 590-square-foot home built in 1914, located on Westminster Avenue in Winnipeg’s West Broadway area. On its own street, it ranks first among eight similar properties for both size and age, and third for assessed value. The unit is larger than the street average of 554 square feet and is one of the oldest homes in the neighbourhood—most area properties were built around 1996. Compared to the city as a whole, it is smaller (95th percentile) and older (96th percentile), with an assessed value of $135,000, below both the neighbourhood and city averages.
The appeal lies in its character and relative value: it offers more space than other properties on the same street, and its lower assessed value may translate to lower property taxes. That said, buyers should be prepared for an older building that likely requires maintenance or updates typical of a home over a century old. This property would suit someone looking for an affordable entry into a central neighbourhood, or a buyer who values historic character and is comfortable with the trade-offs of an older home—like smaller overall square footage and potential for deferred maintenance—over a newer, larger unit in a suburban setting. It may also appeal to investors or flippers who see opportunity in a well-located but under-valued asset.
Frequently Asked Questions
1. How does the property’s assessed value compare to similar homes nearby?
The assessed value of $135,000 is slightly above the street average of $128,000, but well below the West Broadway neighbourhood average of $175,000 and the citywide average of $256,000. This puts it in the lower range for the area, which could mean lower annual property taxes, but also reflects its size and age.
2. Is the 590-square-foot living area considered small for Winnipeg?
Yes. The citywide average for comparable properties is 1,042 square feet, placing this home in the bottom 5% for size locally. However, on Westminster Avenue, it is the largest of eight similar units, so it depends on the comparison point. For central neighbourhoods with older housing stock, this size is not unusual.
3. What should I know about a home built in 1914?
Older homes often have solid construction and unique architectural details, but they may also require updates to electrical, plumbing, insulation, and roofing. It is advisable to get a thorough home inspection and budget for ongoing maintenance. This property is one of the oldest in the neighbourhood—most area homes were built in the mid-1990s or later.
4. How does this property rank in its neighbourhood for overall value?
It ranks 47th out of 61 homes in West Broadway for assessed value (bottom 23%), and is in the bottom 40% for size within the area. While it offers a lower price point, it does not rank highly compared to newer or larger nearby properties. Its value is more competitive on the street level than the neighbourhood level.
5. Is this a good candidate for renovation or resale?
It could be, depending on the condition and the buyer’s goals. Its street-level ranking for size and age is strong, and its lower assessed value suggests room for added value through updates. However, being in an older, smaller building in a neighbourhood where most homes are newer and larger means the ceiling for resale value may be limited unless the property is significantly upgraded or expanded.