Property Summary: 455 Borebank Street, Winnipeg
Key Characteristics & Buyer Profile
This home at 455 Borebank Street in North River Heights is a classic, compact post-war property built in 1945. Its key characteristic is a clear value proposition centered on land and location rather than interior size. With a living area of 886 sq ft, the home is notably smaller than most in the neighbourhood and city-wide, placing it in the bottom 15% for space. However, it sits on a slightly above-average lot for the area at over 5,150 sq ft, offering valuable outdoor space and potential.
Its appeal lies in its efficient footprint within a desirable, established neighbourhood. The assessed value of $400k is very close to the city-wide average, suggesting the price reflects the premium for the location and lot, not the home's square footage. Recent sale history indicates active market interest. This property would best suit a first-time buyer, downsizer, or pragmatic investor seeking an entry point into North River Heights. It’s for someone who values a large yard, character, and community over a large interior, and who may see potential in updating or expanding the existing structure over time.
Frequently Asked Questions
1. Is the house too small?
At 886 sq ft, it is significantly smaller than the average North River Heights home (approx. 1,540 sq ft). It would suit a single person, a couple, or a small family comfortable with a more efficient layout, prioritizing location and yard space.
2. How does the assessed value compare?
The $400k assessment is around average for the city but below average for North River Heights. This indicates you are paying for a desirable address, but the valuation is tempered by the home's smaller size and age relative to others in the immediate area.
3. What does the sale history tell us?
The property sold twice in under a year (Oct 2023 and May 2024). This could indicate investor activity, a quick renovation resale, or simply a fast-moving market. It underscores the property’s marketability in this price range.
4. Is the lot size a advantage?
Yes. The 5,159 sq ft lot is above the neighbourhood average. For a smaller home, this is a significant asset, providing generous outdoor space, privacy, and future potential like a garden, addition, or garage.
5. What are the less obvious considerations?
Built in 1945, the home is newer than many in North River Heights, which may mean slightly updated building materials or systems compared to its peers. However, as an 80-year-old house, a thorough inspection of its major systems (roof, wiring, plumbing, foundation) is essential to understand any needed investments.