504 Raquette Street

Property Summary: 504 Raquette Street

Key Characteristics & Appeal

This is a 1,000 sqft single-family home built in 1961, sitting on a 5,127 sqft lot in Winnipeg’s Westwood neighbourhood. Its defining feature is affordability: the assessed value sits at $290,000, well below both the street average ($344,000) and the community average ($392,000). In fact, it ranks in the bottom 1% of its street and bottom 3% of its community by assessed value.

The appeal is straightforward for buyers focused on entry-level pricing in an established neighbourhood. The land size is a relative bright spot—close to the street average and in the top half city-wide—meaning there’s a moderately sized lot that could have future development or expansion potential, even if the house itself is compact. The home is also older, built in a year close to the median for both the street and city, so it’s not an outlier in terms of vintage.

This property would suit first-time buyers, investors looking for a lower-cost entry into the Westwood market, or someone willing to take on a renovation or update in exchange for a below-market purchase price. It’s less suited for someone seeking turn-key condition or above-average square footage.

Frequently Asked Questions

1. How does the property compare to others on the same street?
It ranks near the very bottom of Raquette Street for assessed value (138th out of 139) and living space (134th out of 139). Its land size is much more competitive, ranking 48th out of 139, and the build year is also below average, though less dramatically so.

2. Is the neighbourhood considered desirable?
Westwood is a well-established Winnipeg neighbourhood, but this specific property falls in the bottom 3% of the community for both assessed value and living area. The land size is below the community average as well. It’s not a standout within Westwood, but it does offer a lower price point in an area where many homes are valued higher.

3. What is the property’s potential for renovation or expansion?
The land is 5,127 sqft—close to the street average and in the 51st percentile city-wide. It’s not a large lot, but it’s not undersized either. Given the low assessed value of the structure, there could be room for a significant renovation or even a tear-down rebuild, depending on zoning and personal budget. The age of the home (1961) means systems and finishes are likely original or dated.

4. How are the rankings calculated?
Rankings are based on comparison to similar single-family homes in three layers: the same street, the same community (Westwood), and all of Winnipeg. For living area and land size, higher square footage ranks better. For assessed value, a higher value ranks better. For build year, newer ranks better. The “percentile” figure indicates the percentage of homes that are ranked higher—so a lower percentile means the property is closer to the bottom in that category.

5. What should buyers look out for?
The combination of low assessed value, older construction, and below-average square footage typically points to a property that needs work. Buyers should budget for a home inspection that covers the roof, heating/cooling systems, and foundation. The relatively more competitive land ranking suggests the lot may hold value better than the structure itself—so the property’s long-term potential may lie more in the land than the house.