47 Picardy Place – Property Summary
Key Characteristics & Buyer Profile
This 1906 home in Wolseley offers 2,150 sq ft of living space on a 3,591 sq ft lot, with an assessed value of $233,000. The property stands out most clearly for its size: it's above average at the neighbourhood level (top 14%) and citywide (top 7%), meaning it provides notably more interior space than most comparable homes in Winnipeg. The land area is also slightly above average for Wolseley, though modest by broader city standards.
The assessed value, however, is well below street, neighbourhood, and city averages—ranked in the bottom 6% on Picardy Place itself. This gap between generous square footage and relatively low valuation is the property's central tension. Buyers should consider whether the low assessment reflects deferred maintenance, an awkward layout, or simply a quiet local market. The home is also one of the older on the street (top 13% for age in this area), which may appeal to those who value original character but should prompt a careful look at the mechanicals and structure.
This property would suit buyers who prioritize interior space and are willing to take on a property that may need updating or ongoing maintenance. It's less suited to someone looking for a turnkey home or a large lot. The low assessed value could also appeal to investors or owner-occupants focused on long-term equity growth, provided they have the budget and patience for any necessary renovations.
Frequently Asked Questions
1. Why is the assessed value so low compared to other homes on the street?
The assessment is based on market conditions at the time of the last valuation, property condition, and comparable sales. A low rank suggests this home may be priced below its neighbours due to factors like age, deferred upgrades, or a more modest interior finish.
2. Does "above average" living area mean the house feels spacious?
Yes, but the layout matters. With 2,150 sq ft, the home is larger than most in Wolseley and the city. However, older homes often have smaller rooms or segmented floor plans, so visiting in person is key to understanding how the space actually functions.
3. How does the lot size compare to other older homes in Winnipeg?
At 3,591 sq ft, the lot is typical for Picardy Place but below the citywide average of 6,570 sq ft. Many newer homes outside the core have significantly larger yards. Within Wolseley, this lot is on the larger side, which is common for the neighbourhood's older character homes.
4. What should I look for given the home was built in 1906?
Focus on the roof, foundation, electrical wiring, plumbing, and insulation. Older homes can have charm but may also require significant investment in these systems. A thorough home inspection is strongly recommended, especially before assuming the low assessed value means a bargain.
5. Would this property be a good investment?
It depends on your goals. The low assessed value relative to living area could mean upside if the home is updated and the neighbourhood appreciates. However, older homes often carry higher maintenance costs, and the current valuation may already reflect known issues. Run realistic renovation and carrying-cost numbers before committing.