24 Ericsson Bay

24 Ericsson Bay – Property Summary

Key Characteristics & Who It Suits

This is a 1961-built home with 1,124 sqft of living space and a 6,581 sqft lot, currently assessed at $337,000. The property’s standout feature is the lot size. It ranks well above average at the city level (top 21% in Winnipeg) and is also strong within the Westwood neighbourhood (top 27%). The house itself is slightly older than the surrounding area, but on its own street, it’s actually one of the newer homes (top 29%).

The appeal here is more about what you could do with the land than the house itself. The living area and assessed value sit below street and neighbourhood averages, which suggests this isn’t a turnkey property with premium finishes. Instead, it’s a solid, mid-century home on a generous lot in an established neighbourhood.

This property would suit a buyer who values outdoor space and is open to renovations, additions, or even a future rebuild. It’s less ideal for someone looking for a move-in-ready, updated home with no compromises. The lot size gives you flexibility, but the house’s condition and relatively small footprint mean you’re buying potential as much as the current structure.

Five Possible FAQs

1. Why is the assessed value lower than the neighbourhood average if the lot is above average?
   The assessed value reflects both the land and the building. While the lot is large, the house itself is smaller (1,124 sqft vs. 1,372 sqft neighbourhood average) and older than many nearby homes, which brings the total value down.

2. Is this considered a “teardown” property?
   Not necessarily. The house was built in 1961 and is not the oldest home on the street. Whether it’s a teardown depends on your goals and the property’s physical condition, which isn’t detailed here. But given the lot’s size and the house’s modest footprint, it does offer that long-term possibility.

3. How does the street compare to the larger neighbourhood?
   The street (Ericsson Bay) has smaller homes and lower assessed values than Westwood as a whole. The property ranks near the bottom of its street for living area and value, but its lot is around average for the street. This means the home is one of the more modest options in an already modest pocket of the neighbourhood.

4. What does “top 21% citywide for lot size” actually mean in practice?
   It means the lot is larger than about four out of five comparable homes across Winnipeg. In practical terms, this is plenty of yard space for gardens, play areas, or future expansion, especially when compared to newer infill lots in the city.

5. Would this property appeal to an investor versus a homeowner?
   Possibly for an investor focused on land banking or long-term appreciation, given the lot size and below-market assessed value. For a homeowner, it’s best suited to someone who values space and is willing to invest in updating the house over time, rather than expecting a fully finished product from day one.