Property Overview: 186 Borebank Street, Winnipeg
Section 1: Key Characteristics & Appeal
This home in North River Heights presents a compelling blend of space, value, and established neighbourhood character. Its most standout feature is its generous living area of 1,820 sq ft, which places it in the top 5% of homes on Borebank Street and well above averages for both the neighbourhood and the wider city. This suggests a home that offers ample room for families or those who value spacious interiors.
The appeal lies in this balance. While the home is notably larger than many peers, its assessed value of $389,000 is around the city-wide average and actually below the average for North River Heights. This creates a potential value proposition where you get more interior space for your dollar within a desirable area. The lot size is manageable at 4,503 sq ft, typical for the neighbourhood, offering outdoor space without excessive maintenance.
Built in 1923, this is one of the older homes on the street, appealing to buyers who appreciate classic character and architecture, though it implies a need for diligence regarding updates and maintenance. The property’s recent sale history shows steady appreciation.
This home would best suit practical buyers looking for space in a prime neighbourhood without a premium price tag. It’s ideal for a growing family needing room, or a value-conscious buyer who prioritizes interior square footage over a newer build or a massive lot. It may also attract those interested in the solid craftsmanship and potential of a well-kept older home.
Section 2: Frequently Asked Questions
1. How does the assessed value compare to likely market value?
The assessed value of $389,000 is for municipal tax purposes. Market value is determined by current buyer demand. The home last sold between $450,000-$500,000 in September 2023, which is a more relevant indicator of its market price.
2. What are the implications of the home being built in 1923?
As one of the older homes on the street, it likely possesses classic charm and sturdy construction. Prospective buyers should budget for potential updates to older mechanical systems (like plumbing or wiring) and consider a thorough inspection to understand the condition of the structure and foundation.
3. The living area is large, but the lot size is average. What does this mean?
This indicates the home makes efficient use of its property footprint, offering generous indoor living space on a standard city lot. It’s a plus if you prioritize interior space over extensive gardening or outdoor recreation areas.
4. Is the property a good value compared to the neighbourhood?
The data suggests it could be. The home’s living area is in the top 25% for North River Heights, yet its assessed value is in the bottom 25% for the area. This disconnect often highlights a value opportunity, where you get more house for a lower-than-typical price point in that specific locale.
5. Where can I get verified historical sale prices?
The site provides estimated sale price ranges. For fully verified and exact sale figures from the MLS, you must request them directly via email from the service, as industry rules prevent them from being published openly on the site.