123 Lipton Street – Property Summary
Key Characteristics & Profile
This is a 1912-built home with 1,229 square feet of living space on a 2,556-square-foot lot. Its assessed value is $305,000.
The property sits in a solid position on its street: above average in assessed value (top 19% on Lipton Street) and slightly above average in size compared to neighbours. However, when measured against the broader Wolseley community, the home is smaller and lower in value than the area median. Citywide, it lands close to the middle in both size and value, but the lot is small—bottom 6% citywide.
The appeal here is about context. On Lipton Street, this is a well-valued home that holds its own. In Wolseley, it represents a more affordable entry point into a desirable older neighbourhood. The compact lot and modest square footage might not suit someone looking for space to expand, but for a buyer who values location and street-level standing over raw square footage, it offers a grounded option.
This property best suits a first-time buyer or someone downsizing within the neighbourhood who wants established character (1912 build) without paying a premium for the largest lot or home. It’s also a practical choice for someone who prioritizes the immediate street’s higher relative value over the larger averages of the wider community.
Five Possible FAQs
1. How does the assessed value compare to what I’d actually pay?
The assessed value ($305,000) is used for property tax calculations, not market price. It’s above average for Lipton Street (top 19%) but below the Wolseley median ($371,000) and the city median ($390,000). This suggests the home may be priced competitively for the neighbourhood, but always check recent sale comparables on the street.
2. The lot is small—will that limit future renovations or additions?
Yes, likely. At 2,556 sqft, the lot is in the bottom 6% citywide and well below the Wolseley average of 3,434 sqft. Adding a major extension or detached garage may be difficult without a variance. Focus on interior renovations or smaller-scale changes instead.
3. Is a 1912 home a risk for maintenance or outdated systems?
That depends on what’s been updated. The build year itself isn’t unusual for Wolseley (most homes are similar vintage), but a 1912 home could have old wiring, plumbing, or insulation. You’ll want a thorough inspection—especially for foundation and knob-and-tube wiring.
4. Why is the property above average on its street but below average in the wider community?
Lipton Street has smaller, more modest homes than much of Wolseley. So this house compares well at the street level, but Wolseley overall includes larger homes and lots, which pulls the community average higher. It’s a classic case of “big fish, smaller pond.”
5. What does “near average” mean in the citywide rankings?
The home ranks near the 50th percentile for living size and value citywide. That means it’s typical for Winnipeg—not unusually small or large, and not over- or under-priced relative to the city as a whole. It’s a middle-of-the-road option in a broad market sense.