390 Redwood Avenue – Property Summary
Key Characteristics & Buyer Fit
This is a 1911-built home with 1,373 sq. ft. of living space on a notably large 4,509 sq. ft. lot. The property sits in the William Whyte neighbourhood of Winnipeg.
Its main draw is the land. The lot ranks in the top 5% within the neighbourhood and top 16% on the street—well above typical sizes for the area. The house itself is also roomier than most nearby homes (top 11% on the street), though it is older than many newer citywide infill properties. The assessed value of $110,000 is low relative to the street and city averages, which reflects the age and likely the condition of the structure.
The appeal here is not in a move-in-ready, polished home. Instead, the property offers generous indoor and outdoor space in a mature neighbourhood, at a price point well below area medians. The low assessment suggests potential for value-add renovation or redevelopment, depending on zoning and buyer intent.
This would suit buyers who value square footage and lot size over finish quality or modernity. It would also appeal to those comfortable with an older home that may need updating, or to investors or builders looking for land with good proportional living space already in place. It is less suited for anyone wanting a turnkey property or a compact, low-maintenance urban lot.
Five Possible FAQs
1. Why is the assessed value so low compared to the street and city averages?
The assessed value reflects current market conditions and the property’s condition, age, and location. With a 1911 build and an assessment of $110k, it sits well below the street average ($174k) and far below the citywide average ($390k). This likely indicates the home has not been substantially updated or that the interior condition lags behind comparable homes. It also means property taxes are correspondingly low.
2. How does the lot size compare to typical Winnipeg properties?
At 4,509 sq. ft., the lot is generous for the neighbourhood (top 5%) and the street (top 16%). However, citywide it ranks only around average (top 66%), because many newer suburban lots are much larger. In William Whyte, this is an unusually big lot, which could allow for additions, a large garden, or even subdivision if city regulations permit.
3. Is this home a good candidate for a renovation project?
Potentially. The existing living area is already above average for the street, and the land gives you room to work. The low assessment means you are buying the property at a baseline cost. However, a 1911 home can come with older systems, possible lead paint, and structural quirks. A thorough inspection and cost estimate for updates are strongly recommended before committing.
4. How does the age of the home affect its investment potential?
At 1911, this is older than 93% of homes citywide. Older homes in decent structural condition can hold value well, especially if located in a stable neighbourhood with character. But they also carry higher maintenance needs and may not appreciate as quickly as newer builds in high-demand areas. The large lot partially offsets this, since land tends to hold value over time.
5. Should I consider this property if I plan to build new?
The lot size and low assessed value make it a candidate for a teardown and rebuild, but only if zoning allows for a new dwelling of sufficient size to make the investment worthwhile. You would need to check current William Whyte zoning bylaws, minimum lot frontage, and any heritage restrictions. The existing house is livable, so you could also renovate and sell or rent later to reduce carrying costs before building.