Property Summary: 516 Best Street
Key Characteristics & Ideal Buyer Profile
This is a 1961-built home with 1,040 square feet of living space on a 5,129-square-foot lot. Its assessed value is $321,000.
The property’s strongest feature is its age relative to the street. It ranks among the older homes on Best Street (top 26%), which suggests quality of construction from a period known for solid post-war builds. The living area is smaller than average for the street, neighbourhood, and city—but that also positions it as a more affordable entry point in Westwood. The assessed value is roughly average for the street, but significantly below the neighbourhood average of $392,100, meaning you’re paying less than many surrounding homes would command.
The appeal here is for a buyer who values location over square footage. The home sits on an above-average-sized lot for the street, offering outdoor space that the interior lacks. It would suit someone looking to get into Westwood at a lower price point, perhaps with plans to renovate or add square footage over time. It may also appeal to buyers who prefer a smaller footprint for lower utility costs and simpler maintenance, and who care more about street quality than interior size.
Five Frequently Asked Questions
1. How does this home compare to others on the same street?
It’s a mixed picture. For assessed value, it sits around the middle of the pack (22nd out of 50). Its living area is below the street average (1,181 sqft), but its lot is roughly average. Its main distinction is being one of the older homes on the street—built 1961, ranking 13th out of 50.
2. Why is the assessed value so much lower than the neighbourhood average?
Westwood’s average assessed value is $392,100, but this property is assessed at $321,000. That gap reflects the home’s smaller living area (1,040 sqft vs. the neighbourhood average of 1,372 sqft) and smaller lot (5,129 sqft vs. 6,491 sqft). It’s simply a more compact property than many of its neighbours.
3. Is this considered a small house for Winnipeg?
By citywide standards, the living area is around average. The median for comparable homes in Winnipeg is about 1,342 sqft, so 1,040 sqft is slightly below that. However, it’s not unusually small for a 1960s home—many bungalows and starter homes from that era are in this range.
4. How does the lot size affect the property’s potential?
The lot is slightly smaller than the street average (5,250 sqft) and significantly smaller than the neighbourhood average (6,491 sqft). That limits major expansion options, but it’s still a usable city lot with room for a garden, patio, or small addition. The 5,129 sqft is typical for a post-war subdivision lot.
5. What’s the main risk or trade-off with this property?
The trade-off is clear: you’re getting less interior space than most homes in the area. If you need a lot of square footage, or if you plan to sell quickly and expect the living area to match the street average, this might feel tight. For a buyer who values the older construction, the street’s character, and a lower entry price, the smaller size is the reason it’s more affordable.