556 Redwood Avenue – Property Summary
Key Characteristics & Buyer Profile
This is a 1,260 sqft single-family home built in 1925, on a 4,470 sqft lot in the William Whyte neighbourhood of Winnipeg.
Its standout feature is the lot size. On its street, it ranks in the top 19% for land area, and within the immediate neighbourhood, it sits in the top 6%. That’s noticeably more space than the local average of around 3,277 sqft. The house itself is above average for its street in terms of living area (top 16%), but closer to the middle of the pack city-wide. The assessed value is low—in the bottom 2% for all of Winnipeg—which keeps property taxes relatively modest.
The appeal here is pragmatic. You get a good-sized lot in a well-established inner-city area, with a house that offers decent interior space for its price point. The low assessment means lower ongoing tax burden, which matters for long-term affordability. The home is nearly 100 years old, so it will likely require ongoing maintenance and updates—this is not a move-in-ready modern flip. It suits a buyer who values land and location over finishes, and who is comfortable with an older home’s quirks and character. First-time buyers looking for a project, or investors focused on land value in a neighbourhood with room to grow, would find this worth a closer look.
Five Frequently Asked Questions
1. How does the property tax compare to other homes in Winnipeg?
The assessed value is $128,000, which is well below the city-wide average of $390,000. This translates to relatively low annual property taxes. On its street and in the neighbourhood, it’s also below average, so you’re paying less than most nearby properties.
2. Is the house considered old compared to others in the area?
It was built in 1925. On its street, that’s about average (most homes are from around 1934). In the broader William Whyte neighbourhood, it’s actually slightly newer than the median (1927). City-wide, it’s older than most, but not unusual for this part of Winnipeg.
3. What’s the advantage of the larger lot size?
More outdoor space for gardening, a workshop, or potential future additions (subject to zoning). It also offers more privacy than smaller neighbouring lots. In a dense older neighbourhood, a larger lot can be a long-term asset if you ever consider redevelopment or expanding the home.
4. Does the low assessed value mean the property is in poor condition?
Not necessarily. The assessment reflects market value estimates, location, and recent sales data, not a physical inspection. An older home in a lower-priced neighbourhood will naturally carry a lower assessment. Condition should be evaluated by a home inspector and your own visit, not just the tax figures.
5. How does this property compare to others currently for sale nearby?
The lot size is a clear advantage over most listings in William Whyte. The living area is slightly above the street average but about average for the neighbourhood. The low assessment is unusual relative to the house size. For the most direct comparison, the listing agent should provide a CMA, and you can use the “open neighbourhood map analysis” link on the property page to overlay recent sales.