512 Redwood Avenue – Property Summary
Key Characteristics & Ideal Buyer Profile
This is a small, older home on a notably large lot in Winnipeg’s William Whyte neighbourhood. The house itself is 912 square feet—slightly below the street average and well below citywide norms. Built in 1905, it ranks among the older homes both locally and citywide. Its assessed value of $75,000 is dramatically lower than the street average of $174,000 and the city average of $390,000, placing it in the bottom percentile citywide.
The main appeal here is the land. The lot measures 4,488 square feet, which ranks in the top 17% on the street and the top 6% within the neighbourhood. On a citywide scale, it sits around average—but in the context of this dense, older area, the lot size is a clear standout. This property suits buyers who value outdoor space or future development potential over a move-in-ready interior. It may also appeal to investors or renovators looking for a low-cost entry into an older neighbourhood, where the land likely holds more long-term value than the structure. It is less suited for someone seeking a compact, low-maintenance home in a higher-appreciation area.
Frequently Asked Questions
1. Is the assessed value of $75,000 accurate, and does it reflect market value?
Assessed value is a municipal figure used for property tax calculation and often lags behind market conditions. In this case, the $75,000 figure is extremely low relative to street and city averages, which suggests either the home is in poor condition, the assessment hasn't caught up, or the land is valued conservatively. It would be wise to check recent sale prices for similar properties in William Whyte.
2. What does the land area rank mean for practical use?
A 4,488-square-foot lot is generous for the area. It could accommodate a large garden, a garage or workshop, or even potential subdivision depending on zoning. The high rank (top 6% in the neighbourhood) indicates this is one of the bigger lots in the immediate area, which is rare.
3. How old is the house, and what maintenance issues should be expected?
Built in 1905, the home is over 115 years old. Systems like plumbing, electrical, and the foundation may be original or updated at different points. Older homes in this age bracket often have lead paint, knob-and-tube wiring, and asbestos in insulation—though not always. A thorough inspection is strongly recommended before purchase.
4. Why is the assessed value so low compared to the citywide average?
The citywide average assessed value is $390,100, with many newer or larger homes pulling that number up. This property’s low value likely reflects its small size, age, and possibly deferred maintenance, as well as the neighbourhood's lower average property values. The William Whyte area itself ranks in the bottom 5% citywide for assessed value.
5. What is the neighbourhood (William Whyte) like for residents?
William Whyte is an older, centrally located Winnipeg neighbourhood with a mix of pre-war housing and some infill development. It's known for being more affordable and having a diverse population. Amenities and public transit access vary by street, and some blocks have higher vacancy or rental density. Buyers should spend time walking the area at different times of day to get a feel for the immediate surroundings.