Property Overview: 118 Balaban Place, Mission Gardens, Winnipeg
Section 1: Key Characteristics & Appeal
This home presents a distinct value proposition centered on its generous lot. Built in 1978, the 828 sqft living space is modest and below average for the area, but it sits on an 8,294 sqft property—a lot size that ranks in the top 10% locally. This creates a clear opportunity: the value here is in the land and the potential it holds, rather than in a large existing footprint.
Its appeal lies in this balance of a lower assessed value with a premium-sized lot. It suits a specific buyer: someone looking for a solid entry point into the Mission Gardens neighbourhood who values outdoor space and sees potential in renovation, expansion, or simply having a large private yard. It’s a practical choice for a handy buyer, an investor considering future development (subject to zoning), or a purchaser willing to trade immediate square footage for long-term lot value and privacy. The data suggests that for the street itself, this is one of the newest homes, which may imply fewer immediate major age-related issues compared to neighbours.
Section 2: Frequently Asked Questions
1. Is the home in need of major updates?
Given its 1978 construction, buyers should budget for updates consistent with its age. The systems, roof, and interior likely require modernization or will in the near future, which is reflected in the accessible price point.
2. How does the assessed value relate to the likely selling price?
The assessed value for taxation ($35,100) is a baseline. The last known sale was between $300k-$350k in 2022. The selling price will be driven by market demand for homes with large lots, not the municipal assessment.
3. What can I do with such a large lot?
The lot size is the standout feature. Uses could include creating extensive gardens, adding a substantial deck or patio, building a large garage or workshop, or potentially an addition (always verify with the City of Winnipeg’s zoning and permitting department first).
4. How does the living space compare to nearby homes?
At 828 sqft, the living area is notably smaller than the Mission Gardens average (~1,162 sqft). This confirms the property as a compact, efficient home on a spacious plot, ideal for smaller households or those who spend less time indoors.
5. Why is the lot size considered "above average" in every comparison?
The data shows the lot ranks in the top 13% on its street, top 8% in Mission Gardens, and top 10% city-wide. This means that even compared to much larger and newer homes, this property’s land area is a significant and uncommon asset in the Winnipeg market.