503 Newman Street

Key Characteristics & Buyer Profile

This is a 1,128 sqft home built in 1910, located on Newman Street in the Wolseley area of Winnipeg. Its standout feature is its above-average assessed value relative to the street, ranking in the top 7% among 168 properties there. However, the living space is actually smaller than the Wolseley neighborhood average (which is around 1,622 sqft), placing it in the bottom 82% of the area. Land size is notably compact at 2,348 sqft, well below both the street and neighborhood averages.

The appeal here is less about spaciousness and more about relative value and context. The strong street-level assessment suggests this home may hold its worth well compared to immediate neighbors, even though it's less competitive on a city-wide scale. The age is typical for Wolseley (built around 1910, in line with the area's average of 1916), so buyers should expect older-home character and maintenance considerations.

This property would suit a buyer who values being on a strong street in a desirable older neighborhood like Wolseley, without needing a large lot or expansive interior. It's a good match for someone comfortable with a smaller footprint—perhaps a single person, a couple, or a small family—who is willing to trade square footage for a location that might offer better long-term stability in assessed value. It's less suited for buyers seeking a large family home or significant outdoor space.

Frequently Asked Questions

1. How does this home's size compare to typical homes in Wolseley?
It's smaller than the neighborhood average. Wolseley's average living area is about 1,622 sqft, while this home is 1,128 sqft. It ranks in the bottom 82% for the area, so it's a more compact option within the neighborhood.

2. The assessed value is higher than the street average—does that mean the property is overvalued?
Not necessarily. The assessed value reflects what the city estimates the property is worth for tax purposes, and it's above the Newman Street average (ranked 11th out of 168). This could indicate the home is in better condition, has desirable features, or sits on a particularly good stretch of the street compared to neighbors. It's a relative strength, not a guarantee of market price.

3. Is the land size typical for this street or neighborhood?
No. The lot is 2,348 sqft, which is well below the street average of about 4,087 sqft and the neighborhood average of about 3,434 sqft. It ranks in the bottom 12% on the street and bottom 8% in Wolseley, so outdoor space is limited.

4. This is an older home (1910). What should I be aware of?
The age is very much in line with Wolseley's character—many homes in the area were built around the early 1900s. You should expect potentially older systems (plumbing, electrical, foundation) and typical maintenance for a century-old structure. A thorough inspection is advisable, especially given the below-average land size, which may limit options for expansions.

5. How does this property stack up against other homes in Winnipeg as a whole?
It's fairly average in living area (around the 57th percentile city-wide) and assessed value (around the 46th percentile). The land size is well below average (97th percentile for being small), and the age is older than most of the city (94th percentile for being older). So it's a modest, older home that performs better on its street than it does in broader city comparisons.