492 Sumach Street – Property Summary
Key Characteristics & Ideal Buyer Profile
This is a 1955 bungalow with 816 square feet of living space on a 5,529-square-foot lot, located in Winnipeg’s Westwood neighbourhood. The property’s strongest feature is its assessed value: at $319,000, it sits roughly at the street and city averages, making it a financially reasonable entry point. The lot size is also competitive—ranked in the top 49% on the street and top 42% citywide—which suggests good outdoor space relative to many similar homes.
Where the property falls short is living area and age. At 816 square feet, it’s well below both the street average (1,081 sqft) and the city median for comparable homes. The 1955 build date also places it older than most neighbours, ranking in the bottom third on the street. That said, the rankings show a clear pattern: this house is a smaller, older home on a generous lot, priced in line with its condition and location. It’s not a standout in size or modernity, but it offers solid value for someone willing to invest in updating or who prioritizes yard space over square footage.
This property would suit buyers who are comfortable with a smaller footprint and see potential in renovating or personalizing a post-war home. It may also appeal to those looking for a lower purchase price in a neighbourhood where comparable homes are significantly more expensive, or to buyers who prioritize lot size for gardening, additions, or outdoor living.
Five Possible FAQs
1. How does this property compare to other homes on Sumach Street?
On its street, this home is among the smaller and older options (ranked 31st out of 35 for living area and 27th for year built). However, its assessed value is close to the street average, and the lot size is right in the middle of the pack. So it’s not an outlier—just a more modest home on a typical lot.
2. Is the assessed value a reliable indicator of market price?
Assessed value is a general benchmark, not a precise market price. This home’s assessed value of $319,000 is near the street average but well below the neighbourhood average of $392,100. That gap may reflect the smaller size and older age, but a full market appraisal and recent comparable sales would give a clearer picture.
3. What does the “land area” ranking actually mean for everyday use?
The 5,529-square-foot lot is slightly smaller than the Westwood average (6,491 sqft) but still competitive citywide. It’s a standard city lot—enough for a decent backyard, possibly a garden or small shed, but not oversized. Buyers looking for huge yards should note it ranks in the bottom third in the neighbourhood.
4. Would this property be a good candidate for a renovation or addition?
The lot size offers some room for expansion, but the 816-square-foot living area means any addition would significantly change the home’s character. Zoning and permit feasibility aren’t addressed here, so a buyer would need to check local rules. Given the older construction, structural and system updates (plumbing, electrical, insulation) may also be needed.
5. How does the neighborhood (Westwood) compare to Winnipeg as a whole?
Westwood homes tend to be larger, newer, and higher-assessed than this property. Ranked in the bottom 1% for living area and year built within the neighbourhood, this house is clearly below the local standard. But citywide, it’s more average—meaning the price may reflect the home itself more than the neighbourhood’s premium.