498 Craig Street – Property Summary
Key Characteristics & Buyer Profile
This 1,040-square-foot home sits on a notably large lot for its street. At 2,983 square feet, the property ranks in the top 10% on Craig Street, offering more outdoor space than most neighbours. The assessed value of $351,000 is also above average for the street, sitting in the top 21%—which suggests the land and location command a premium relative to the house itself.
The home was built in 1910, making it older than most on the block and significantly older than the citywide average. Inside, the living area is below typical for both the Wolseley neighbourhood and Craig Street, so the house is compact. Citywide, the size is roughly average.
Where the appeal lies: The main draw here is the land. In a city where standard lots often shrink, this one stands out locally. The property offers room for expansion, a large garden, or simply more breathing room than neighbouring homes. The assessed value also indicates the street itself carries above-average demand or desirability.
Who it suits: A buyer who values outdoor space and wants to be in Wolseley but doesn't need a large interior—or someone looking to renovate or add square footage on an already-valuable lot. It might also appeal to those who appreciate older character homes and are comfortable with a smaller footprint.
Frequently Asked Questions
1. How does the lot size compare to typical homes in Winnipeg?
It's well below the citywide average of 6,570 square feet, which puts it in the bottom 10% citywide. But within Wolseley and especially on Craig Street, it's generous—ranked 6th out of 61 homes on the street. The neighbourhood average is 3,434 square feet, so this lot is slightly smaller than that, but still competitive locally.
2. Is the assessed value a good indicator of market price?
It's a reference point, not a guarantee. The $351,000 assessment is above the street average ($299,400) but below the neighbourhood average ($371,300) and citywide average ($390,100). In a market like Wolseley, properties with larger lots often sell above assessment, especially if the location is desirable.
3. What condition is a 1910 home likely in?
The summary doesn't include inspection details. Homes from that era often have solid bones but may need updated electrical, plumbing, insulation, or foundation work. Given the living area is below average, the interior likely hasn't been expanded—so original layout and systems may still be in place.
4. Does the neighbourhood ranking matter for resale value?
Items ranked "around average" (neighbourhood and citywide for assessed value, year built, and lot size) suggest no extreme red flags. The strong street-level rankings for lot and value point to a pocket within Wolseley that holds up well. Street-level data tends to matter most for resale, since buyers often compare within a block, not across the whole city.
5. Why is the living area considered below average if it's close to the citywide average?
The ranking compares 498 Craig Street to homes of a similar type within each area. On Craig Street and in Wolseley, the typical comparable home is larger—1,171 and 1,622 square feet, respectively. Citywide, the average drops to 1,342 square feet because the pool includes many smaller homes. So this property is small for its immediate neighbours, but not unusually small for Winnipeg overall.