Property Overview: 547 Borebank Street, Central River Heights
Section 1: Key Characteristics & Appeal
This well-situated one-storey home in Central River Heights offers a classic Winnipeg combination: a generous, above-average lot on a desirable street, paired with a modestly sized, renovated living space. Built in 1954, the house sits on a 6,000 sqft lot that ranks within the top 17% on its own street for size, providing significant outdoor space relative to many city properties. Its primary appeal lies in this land value and location, rather than the square footage of the home itself, which at 972 sqft is compact.
The property suits two main types of buyers. First, it’s ideal for a downsizer or first-time buyer seeking a manageable, single-level home with a renovated basement in a mature, established neighbourhood. Second, it represents a clear land-play for a future builder or homeowner with renovation plans, given the premium lot size in a central area. A thoughtful perspective is that while the living space is below neighbourhood averages, this can translate to lower utility costs and less maintenance—a practical efficiency that appeals to a lifestyle focused on location and outdoor space rather than expansive interiors. The detached garage adds functional storage or workshop potential.
Section 2: Frequently Asked Questions
1. Is the lot size a major advantage?
Yes. At 6,000 sqft, the lot is significantly larger than many in Central River Heights, offering ample space for gardening, expansion, or outdoor living. It ranks in the top 22% of lots by size within the neighbourhood.
2. How does the home’s size compare to others?
The 972 sqft living area is below the average for both Borebank Street and Central River Heights. This indicates a cozy, efficient layout rather than a sprawling one, which aligns with low-maintenance living.
3. What does the assessed value indicate?
The assessed value is around the average for the street and neighbourhood. This suggests the property is valued in line with its peers, with the land value likely balancing the smaller home size.
4. Has the property been sold recently?
Yes, it was last sold in July 2021 for $350,000. At that time, this sale price was below the average for the immediate street and the broader neighbourhood.
5. What is less obvious about this property’s potential?
The combination of a renovated basement and a large lot is key. It provides immediate, updated living space while securing the long-term option to expand the main floor footprint outward—a flexibility that many smaller lots in the area cannot offer. Its value is rooted in this future potential as much as in its current state.