Property Overview: 10 Loraine Street, Winnipeg
Key Characteristics & Appeal
This is a 720 sqft home built in 1941 on a 5,135 sqft lot in Varennes, with a municipal assessed value of $258k. Its primary appeal lies in being a modest, entry-level property in a mature neighbourhood. The lot size is notably above average for the immediate area, offering good outdoor space relative to nearby homes.
The property suits first-time buyers or practical investors seeking an affordable foothold in the market. It represents a value-conscious choice, as its assessed value is significantly below the averages for its own street and the wider city. This suggests potential for buyers comfortable with a home that may require updates, trading modern finishes or size for lot space and a lower financial barrier to entry. A thoughtful perspective is that while the living space is compact, the above-average lot for the neighbourhood provides valuable flexibility for gardening, expansion, or simply more private outdoor room than many neighbours have—a feature not immediately apparent from the square footage alone.
Frequently Asked Questions
1. Why is the assessed value so much lower than the street average?
The assessed value of $258k is well below the $406.8k average for Loraine Street. This typically reflects the home's smaller size (720 sqft vs. a 1,139 sqft street average), its older construction, and the municipality's valuation of its current condition and features relative to others on the block.
2. What does the ranking data (e.g., "Top 87%") actually mean?
A "Top 87%" rank for living area means this home's square footage is greater than only 13% of comparable homes on its street—so it's in the bottom 13% for size locally. Higher percentile numbers generally indicate a property ranks below the average for that specific metric.
3. Is the lot a good size for the area?
Yes. The 5,135 sqft lot is larger than most in the Varennes neighbourhood (ranking above 73% of comparable lots here). This is a standout feature, as the home itself is smaller than area averages.
4. How does the age of the home compare to others?
Built in 1941, it is older than the citywide average but is generally around the average age for both its immediate street and the Varennes neighbourhood, which consist largely of mid-20th century homes.
5. Who would this property not be suitable for?
It may not suit buyers looking for a move-in-ready home with modern amenities, those who need more interior space, or anyone seeking a property that performs above average in standard metrics like size or immediate valuation.