507 South Drive – Property Summary
Key Characteristics & Buyer Profile
This is a compact, older home on an unusually large lot in Wildwood. The house itself is 1,036 square feet—smaller than most others on South Drive and below average for the neighbourhood, but in line with typical Winnipeg home sizes. Built in 1947, it’s older than the citywide average but actually newer than many homes in Wildwood, where the average build year is 1950.
The standout feature is the land. At 12,149 square feet, the lot is among the largest in Winnipeg (top 3% citywide) and well above the Wildwood average of 9,032 square feet. This is a property where the value is in the dirt, not the structure. The assessed value of $472,000 reflects that: it’s lower than the street average ($985,600) but above the citywide median ($390,100), ranking in the top 25% of Winnipeg homes.
Who it suits: Someone looking for a fixer-upper or a tear-down on a premium lot in an established neighbourhood. It’s not ideal for a buyer who wants a move-in-ready home with generous living space—the house is small and dated. But for someone who values yard space, privacy, or the potential to renovate or rebuild on a large site in a desirable area, this is a rare opportunity. The street itself is mixed, with much larger, higher-value homes, so it could also appeal to an investor betting on infill potential.
Five Possible FAQs
1. Why is the assessed value so much lower than the street average?
The street average of $985,600 is skewed by larger, more expensive homes on South Drive. Your property’s value is based on a smaller living area and older structure, but the large lot still puts it well above the citywide median.
2. The lot is huge—can I subdivide or build a second house?
Zoning rules vary by street and neighbourhood. Wildwood is an established area with lot size minimums and setback requirements. You’d need to check with the City of Winnipeg’s planning department to confirm whether subdivision or a secondary dwelling is even possible here.
3. Is the small living area a problem for resale?
It depends on the buyer. Some families will want more square footage, but in a neighbourhood like Wildwood (where many homes are older and have been expanded), a small house on a large lot can be attractive to someone planning a major renovation or custom build.
4. How does the year built affect insurance and maintenance?
Homes from 1947 often have original wiring, plumbing, or foundations that need upgrading. Insurance premiums can be slightly higher, and you should budget for potential asbestos or lead paint if a renovation uncovers it. That said, many homes in Wildwood are from the same era, so contractors in the area are familiar with the quirks.
5. Is this a good investment compared to a newer home in the suburbs?
The land value here is the asset. In most cases, land in established neighbourhoods holds or appreciates better than the structure itself. A newer suburban home may offer lower maintenance upfront, but the lot here gives you asset appreciation potential that’s harder to find in a standard development.