741 Banning Street

Property Summary: 741 Banning Street, Winnipeg

Section 1: Key Characteristics & Appeal

This one-and-three-quarter storey home, built in 1912, offers 1,344 sqft of living space on a standard city lot in the Daniel McIntyre neighbourhood. Its key appeal lies in its strong positioning within its immediate area. The living space is notably above average for both the street and the neighbourhood, providing more room than many comparable local homes. Similarly, its assessed value ranks well above the local averages, suggesting a solid level of investment for the area.

The property suits practical, value-conscious buyers looking for an established neighbourhood close to downtown. It’s ideal for someone who prioritizes interior space over modern renovations, as the basement is noted as unrenovated. The lack of a garage is typical for the area and points toward a buyer comfortable with on-street parking. A thoughtful perspective is that this home represents a “high-performer within its peer group”—it may not be a city-wide standout, but it offers more space and a higher assessment than most direct neighbours, which can be a mark of stability and relative value in a mature community.

Section 2: Frequently Asked Questions

1. What does the assessed value ranking actually mean?
While the assessed value is below the Winnipeg city average, it ranks in the top 21% on its own street and top 13% in the Daniel McIntyre neighbourhood. This indicates the property is considered a higher-value home within its specific, established community context.

2. Is the living space adequate for a family?
At 1,344 sqft, the living area is above the neighbourhood average, offering more space than many similar homes. The one-and-three-quarter storey layout typically provides defined living areas, which can work well for small or young families.

3. What should I know about the year it was built (1912)?
The home is over a century old, which is around average for Banning Street. Buyers should budget for maintenance consistent with a heritage-era home and prioritize a thorough inspection of major systems like wiring, plumbing, and the foundation.

4. How does the 2021 sale price relate to the current assessed value?
The home sold for $34.3k in 2021, while the current assessed value is $25.10k. This difference highlights that assessed value for tax purposes is not a market price. It’s essential to have a current market evaluation performed to understand its true listing or sale value.

5. What are the implications of not having a garage or a renovated basement?
The lack of a garage means reliance on on-street parking, which is common in the area. The unrenovated basement presents both a cost consideration for future finishing and an opportunity to customize the space to a new owner’s needs without first undoing someone else’s work.