493 Newman Street – Property Summary
Key Characteristics & Buyer Profile
This is a 766-square-foot home built in 1910, located on Newman Street in Winnipeg’s Wolseley neighbourhood. The property sits on a 2,348-square-foot lot.
The main appeal here is value—or more specifically, the gap between assessed value and price relative to the surrounding area. Assessed at $249,000, the home is priced well below the street average ($319,300) and the neighbourhood average ($371,300). For a buyer who is comfortable with a smaller footprint and an older home, this represents one of the more affordable entry points into Wolseley, a neighbourhood known for its character homes and mature tree canopy. The below-average living area (766 sqft vs. a street average of 1,079 sqft) means the property is likely to suit a single person, a couple, or someone looking for a weekend pied-à-terre rather than a family home. The lot size is also smaller than typical for the area, which limits expansion potential but reduces yard maintenance and could appeal to buyers who prioritize location over land.
A less obvious angle: because the home is smaller and older than many of its neighbours, it may offer more room for sweat-equity improvements or a renovation that brings it closer to the neighbourhood standard—without paying a premium for someone else’s finished work. The 1910 build year places it among the older homes in the city (top 94% citywide), which may appeal to buyers specifically seeking pre-war construction and original details, though it also means careful inspection of mechanicals and structure is warranted.
Five Possible FAQs
1. How does the assessed value compare to similar homes nearby?
The assessed value of $249,000 is below the Newman Street average ($319,300), below the Wolseley average ($371,300), and below the citywide average ($390,100). On the street, it ranks 164th out of 168 homes—meaning it is one of the lowest-valued properties on the block.
2. Is the lot large enough to add on to the house?
At 2,348 square feet, the lot is smaller than the street average (4,087 sqft) and far below the citywide average (6,570 sqft). While an addition may be possible depending on zoning and setbacks, the lot is tight. Most buyers would view this as a house to live in as-is or to renovate within the existing footprint.
3. Why is the year built listed as “below average” on the street level?
The home was built in 1910. The average build year on Newman Street is 1947, so this house is about 37 years older than the typical home on the street. However, in the broader Wolseley neighbourhood, the average build year is 1916, so it is closer to the local norm.
4. What does “Top 98%” or “Top 99%” mean in the rankings?
These percentiles indicate how the property compares to others. For example, “Top 98%” on living area means that 98% of homes on Newman Street have a larger living area—so this home is in the smallest 2% on the street. A lower rank number generally means the property underperforms that metric relative to its peers.
5. Who would this property be a good fit for?
It’s best suited for a buyer who values location over square footage, and who is open to a smaller, older home that may need updates. First-time buyers, downsizers, or investors looking for a lower-cost entry into Wolseley may find it particularly attractive. It is less suitable for someone needing multiple bedrooms or a large yard.