Property Overview: 363 Oak Street, North River Heights, Winnipeg
Key Characteristics & Appeal
This home presents a compelling mix of space, established value, and location. Its primary strength is its generous 2,358 sqft of living area, which places it well above average for the neighbourhood and in the elite tier city-wide. This is complemented by a high assessed value of $808,000, ranking it in the top 4% of North River Heights and top 2% across Winnipeg, indicating strong official valuation for the area.
The appeal lies in acquiring a spacious, highly-valued property in a desirable established neighbourhood. The data suggests you are paying for premium interior space and location rather than land, as the lot size is average for the area. Built in 1923, the home is older than most on its street, which may appeal to buyers seeking classic character but also implies a need for diligent inspection regarding updates and maintenance.
This property would best suit buyers who prioritize move-in ready space in a prime location over a large yard or a newer build. It’s ideal for those who value statistical prestige—owning a home that ranks highly in assessed value and living area—and are prepared for the care that comes with a century-old home.
Frequently Asked Questions
1. Why is the assessed value so much higher than the last sold price in 2017?
The assessed value is a government valuation for taxation, reflecting current market conditions and improvements. The 2017 sale price is a historical figure; the significant increase highlights substantial market appreciation in the area and possibly upgrades to the property since that time.
2. What does the "below average" ranking for year built mean for me?
While the home is older than most on the block, this is typical for the central, established North River Heights area. It suggests potential for classic architectural details but also means systems (roof, plumbing, wiring) may need updating. A thorough inspection is essential.
3. The lot size is ranked as "below average" for the street. Is that a concern?
It indicates the yard may be smaller than many neighbours'. However, the lot is still a standard city size and is average for the wider neighbourhood. The trade-off is clear: the property's value is concentrated in the home's generous living space rather than extensive outdoor land.
4. How reliable is the sold price data shown?
The provided sold price range is based on publicly available data, not the MLS. For fully verified and exact historical transaction figures, you must request a manual lookup from the site via email, as explained in the data notes.
5. The home ranks in the top percentiles for value and size city-wide. Does that mean it's a good investment?
These rankings confirm it is a substantial, above-average property for Winnipeg. However, investment potential depends on broader market trends, your purchase price, and the specific condition of this older home. Its elite ranking in value also means correspondingly higher property taxes.