229 Walnut Street
Overview & Buyer Profile
This is a 1,911-square-foot house on Walnut Street in Wolseley, built in 1907. The standout feature is the land: the lot is 5,087 square feet, which ranks #1 on its street (top 1%) and well above both the street and neighbourhood averages. The house itself is also larger than most nearby homes—ranking in the top 24% on the street and top 13% citywide—and its assessed value of $439,000 reflects that combination of size and location. The house is older than many in the area (top 89% by year built in the neighbourhood), meaning it has likely retained original character or requires upgrades typical of a home from that era.
Who it suits: Buyers who value a large lot in a desirable central neighbourhood and are comfortable with an older home. The land is rare for Walnut Street, so it could appeal to someone planning a renovation, addition, or simply wanting more outdoor space than most homes in Wolseley offer. It's less suited for someone seeking a move-in-ready, newer build or a standard lot size—this property is distinct in its space profile.
Five Frequently Asked Questions
1. Why is the land area so much larger than the street average?
The lot is 5,087 sq ft, while the average on Walnut Street is 2,887 sq ft. This is likely a corner lot or a deep lot from an older subdivision. The neighbourhood average is 3,434 sq ft, so it's also well above that, though citywide the typical lot is larger (6,570 sq ft), meaning this is big for Wolseley but not unusual for Winnipeg as a whole.
2. Is the assessed value of $439k fair given the house's age?
Compared to the street average of $337.5k, it's significantly higher, but that largely reflects the extra land and living space. Within the neighbourhood, the average is $371.3k, so this home is above that too. The assessed value seems to align with the property's relative size and lot ranking—it's not an outlier, just a premium placement.
3. What should I expect from a 1907 house in terms of maintenance?
Homes of this vintage often have solid bones (thick plaster walls, hardwood floors, good timber) but may need updates to electrical, plumbing, insulation, and windows. Given that this house ranks in the top 89% for age in the neighbourhood, it's older than the local average (1916), so it's worth factoring in potential retrofit costs. The year built is not a problem per se, but it's not a recent renovation story unless disclosed.
4. How does this property compare to others in Wolseley overall?
It's in the top 6% of the neighbourhood for land area and top 20% for assessed value, making it one of the larger and more valuable properties in the area. However, it's older than about 89% of homes in Wolseley, so it stands out for having a rare combination of generous lot size and historical character. It's not the newest or most modern, but for space and land, it's a strong contender.
5. Is this a good investment for potential resale?
The land is the main asset—large lots in established central neighbourhoods tend to hold value and appreciate, especially if zoning allows for future development or subdivision. The house itself may not be the primary draw unless it's been well-maintained. If you can improve the home while keeping the lot intact, the resale potential is solid, but if the house needs major work, the return may depend on how much you invest.