Property Overview: 576 Borebank Street, Winnipeg
Key Characteristics & Appeal
This is a well-situated, one-storey home in Central River Heights, built in 1953 on a generous, approximately 5,900 sqft lot. The home offers 1,194 sqft of living space, which is comfortably sized and in line with area averages. Key features include a renovated basement and a detached garage. The property’s standout characteristic is its assessed value, which ranks consistently in the top 10-12% when compared to homes on its street, in the neighbourhood, and across Winnipeg, suggesting it is viewed as a higher-value asset relative to its peers.
The appeal lies in its established River Heights location combined with the value proposition indicated by its assessment. It suits buyers looking for a solid, single-level home in a prime neighbourhood, with the potential of a finished basement for extra living space. It would particularly resonate with value-conscious buyers who appreciate a home that stands out in terms of municipal assessment, or those seeking a property with a large lot in a central area, offering room for gardens, expansion, or simply more private outdoor space.
Frequently Asked Questions
1. Why is the assessed value so much higher than the 2017 sale price?
Municipal assessments for tax purposes are based on mass appraisal models and market trends, not individual sale prices. The significant increase since 2017 likely reflects strong market appreciation in the area and the property's attributes, such as its lot size and renovated basement.
2. Is the home smaller than others in River Heights?
At 1,194 sqft, the living area is slightly below the current neighbourhood average but is very typical for homes of its era on Borebank Street. The renovated basement effectively adds usable space, making the overall footprint more competitive.
3. What does the "above average" ranking for the Year Built mean?
In Central River Heights, a 1953 build date is considered "above average" because many homes in the area are older. This means the home is relatively newer compared to its immediate neighbours, though it still requires consideration for updates common to houses of that age.
4. How does the lot size compare?
The lot is approximately 5,879 sqft, which is larger than the average for both Borebank Street and Central River Heights. This is a key asset, providing more outdoor space than many properties in this sought-after neighbourhood.
5. The 2020 sale price was $500k. What does that tell me?
That sale establishes a recent market benchmark. When compared to the home's strong assessed value ranking, it suggests the property has been perceived as a premium offering within its local market context, a useful data point for understanding its value trajectory.