Property Overview: 697 Banning Street, Winnipeg
Key Characteristics & Appeal
This one-and-three-quarter storey home in Daniel McIntyre presents a practical opportunity in a central Winnipeg neighbourhood. Built in 1931, it is notably newer than many surrounding homes, potentially suggesting fewer concerns associated with very early-century construction. Its key physical attributes include 1,186 sqft of living space, a renovated basement, and a detached garage. The lot size of 3,288 sqft is a significant advantage, ranking well above average for both the street and the neighbourhood, offering valuable outdoor space or future potential in a typically dense area.
The appeal here is grounded in value and positioning. The home’s assessed value sits above average for Daniel McIntyre, yet its last sale price was notably higher, indicating a market perception of value beyond the municipal assessment. It suits first-time buyers or practical investors looking for a character home with a sizeable lot without being a full restoration project, thanks to the updated basement. It also appeals to those who prioritize a central location with the convenience of a detached garage—a feature not always guaranteed in older neighbourhoods.
Frequently Asked Questions
1. How does the lot size compare to typical properties in the area?
The land area of 3,288 sqft is a standout feature. It ranks in the top 6% on Banning Street and the top 18% in the wider Daniel McIntyre neighbourhood, meaning it offers more private outdoor space than most comparable properties.
2. The home was built in 1931. Is that a concern?
While still a character home, its 1931 build date is actually newer than the neighbourhood average (1920). This could mean construction methods and materials are relatively more modern than many immediate peers, a less obvious advantage in an historic area.
3. Why was the last sale price significantly higher than the current assessed value?
The sale price from late 2022 reflects the market value at that time, which buyers were willing to pay. The municipal assessed value is calculated for taxation purposes and can often lag behind or differ from current market conditions. This discrepancy is common and suggests the property may have features or appeal the market rewards.
4. What does the "above average" assessed value for the neighbourhood indicate?
An assessed value that ranks in the top 24% for Daniel McIntyre suggests the municipality views the property as more valuable than most in the area. This can be based on its lot size, newer build date, renovations, and overall condition compared to neighbourhood norms.
5. Is the living space considered small?
At 1,186 sqft, the living area is very close to the average for both the street and the neighbourhood. It provides a functionally sized layout typical for the area and era, and the renovated basement offers additional usable space.