1062 Palmerston Avenue – Property Summary

Key Characteristics & Buyer Profile

This is a 1927-built home in the Wolseley neighbourhood of Winnipeg, with 2,012 sq ft of living space on a 5,500 sq ft lot. Its assessed value is $776,000.

What stands out: The property ranks well above average in assessed value—top 3% citywide and top 1% within Wolseley. That’s not just about size; it reflects how the market and assessors value this specific location and home relative to others nearby. The living area is also strong: top 11% across Winnipeg and top 22% in the neighbourhood. The lot is generous for Wolseley (top 6% locally) but average for the city as a whole, which makes sense given that many newer suburban lots are larger.

The building itself is older than most homes in Winnipeg (top 84%—meaning only about 16% of homes are older), but it’s actually newer than the typical Wolseley house, where the average build year is 1916. So it’s an older home in a city context, but relatively young for its neighbourhood.

Where the appeal lies: This property offers a solid combination of interior space, lot size, and assessed value that places it well above peers in its immediate area. It’s not the absolute largest or most valuable on its street, but it significantly outperforms the broader neighbourhood and city averages. That suggests a home that has been well maintained or updated, or is located on a particularly desirable stretch of Palmerston Avenue. Buyers drawn to older, character-rich neighbourhoods but who want something slightly newer than the local stock might find this appealing—it avoids some of the maintenance pitfalls of a pre-1920 home while still fitting into Wolseley’s established streetscape.

Who it suits: This home would work well for someone who values urban infill neighbourhoods with mature trees, walkable streets, and a mix of housing ages. It’s less suited to buyers looking for a fixer-upper (the assessed value suggests a property in good condition) or those who prioritize a brand-new build. The balance of rankings—strong on value and size, moderate on lot and age—makes it a sensible choice for a buyer who wants something distinctive without being an outlier.

Frequently Asked Questions

1. How does this home compare to others on Palmerston Avenue?

On its own street, this property ranks 27th out of 77 for living area (top 35%) and 11th out of 77 for assessed value (top 14%). Lot size and build year are both near the street average. So it’s a strong performer on value, solid on space, and not unusual in terms of land or age relative to immediate neighbours.

2. What does the assessed value tell me about the home’s condition?

Assessed value is based on market data and physical characteristics—size, age, layout, location, and condition. A ranking in the top 3% citywide suggests this home is likely in good shape and in a desirable location. It doesn’t guarantee everything is new, but it signals that the property holds its value well compared to the vast majority of Winnipeg homes.

3. Is a 1927 home likely to have major issues?

Homes from the 1920s can have older wiring, plumbing, or foundations depending on whether upgrades have been done. That said, this home is newer than the average Wolseley house (1916), and the strong assessed value relative to its peers suggests it’s not a neglected property. It would still be wise to get a thorough inspection focused on the age-specific concerns—knob-and-tube wiring, lead or galvanized pipes, and foundation cracks.

4. How does the lot size affect usability?

At 5,500 sq ft, the lot is average for Palmerston Avenue and for Winnipeg overall, but it’s about 60% larger than the typical Wolseley lot (3,434 sq ft). That extra space is meaningful in a central neighbourhood—enough for a decent backyard garden, a small workshop, or off-street parking without being oversized or hard to maintain.

5. What does “top 1% in the community” for assessed value actually mean?

It means that out of 2,349 comparable properties in Wolseley, only 28 have a higher assessed value. This isn’t just a minor advantage—it places the home in the very top tier of the neighbourhood. For context, the average assessed value in Wolseley is $371,000, so at $776,000, this home is more than double the local norm. That likely reflects a combination of larger size, prime location, and good condition.