Property Summary: 230 Borebank Street, Winnipeg
Key Characteristics & Appeal
This home at 230 Borebank Street in North River Heights is a compact, century-old property built in 1926, offering a unique value proposition. Its key characteristic is its modest scale: with 884 sqft of living space on a 4,203 sqft lot, it is notably smaller than most comparable homes in its immediate area and across Winnipeg. This results in a below-average assessed value for the neighbourhood ($398k vs. a local average of ~$479k), positioning it as a more accessible entry point into the desirable River Heights area.
The appeal lies in this very accessibility. It suits first-time buyers or downsizers seeking the established community, mature streetscapes, and convenience of River Heights without the premium price tag of a larger, updated home. It represents a "foot-in-the-door" opportunity, where the land and location hold significant value. A thoughtful perspective is that its smaller size and lot could mean lower maintenance costs and utility bills, appealing to those seeking a simpler, more efficient lifestyle. The property’s history shows steady appreciation, having sold in the $250k-$300k range in 2017 and $350k-$400k in 2020. It is not a fit for those requiring substantial space or a modern, turn-key home, but is ideal for buyers with a vision for gradual updates or who prioritize location over square footage.
Frequently Asked Questions
1. Is this a good value for the neighbourhood?
Based on assessed value, this home is priced below the North River Heights average, offering a chance to enter the neighbourhood at a lower price point. You are paying primarily for location, with the understanding the home itself is smaller and older than area norms.
2. What should I consider about a 100-year-old home?
While full of character, a home from 1926 will likely require careful attention to aging components like plumbing, electrical, and the foundation. A thorough inspection is essential. However, such well-built older homes often feature quality materials no longer standard.
3. How does the smaller lot size impact me?
The lot is smaller than most on the street and in the area. This means less outdoor maintenance but also limited space for expansions, large gardens, or additions. It’s a practical yard size for simple landscaping or a patio.
4. The sold price is shown as a range. How do I find the exact amount?
The site provides sold price ranges based on public data. To receive the exact historical sale figures, you must request them via email from the site provider, as they manually look up and share this information due to industry data restrictions.
5. What are the realistic possibilities for expanding this home?
Given the smaller lot, any significant expansion would require a careful review of zoning bylaws for setbacks and floor-area ratios. A lateral addition may be challenging, making a well-designed renovation of the existing footprint or a vertical addition (subject to regulations) more likely paths to increase space.