117 Borebank Street – Property Summary
Key Characteristics & Buyer Profile
This is a compact 600 sqft home on a generous 5,999 sqft lot in Winnipeg’s Wellington Crescent area. Built in 1930, it sits well below the street average for living area (ranked 403rd out of 404 homes on Borebank) and offers just half the neighborhood average square footage. Where it stands out is assessed value: at $485,000, it ranks in the top 16% on the street and top 22% citywide, well above the local median. The land itself is slightly larger than the street average but smaller than the neighborhood norm, which skews toward much bigger lots.
The appeal here is less about the house and more about the land and location. A 600 sqft footprint on a nearly 6,000 sqft lot suggests significant potential for expansion, redevelopment, or simply owning a sizable parcel in a well-ranked area at a value that outperforms its physical size. The property would suit a buyer who prioritizes location and land over immediate living space—someone willing to renovate, rebuild, or hold for future use. It’s less suited for anyone needing a move-in-ready home of typical size or expecting a character house that matches the neighborhood’s larger scale.
Frequently Asked Questions
1. Why is the assessed value so high relative to the home’s size?
The assessed value likely reflects the land’s worth rather than the structure itself. In areas like Wellington Crescent, lot location and scarcity drive value more than square footage. This property’s value ranking (top 16% on the street) suggests the land is the primary asset.
2. Is the house livable as-is, or is it essentially a teardown?
That depends on condition, which isn’t detailed here. A 600 sqft house from 1930 could be fully functional but small, or it could need major updates. Given the size and age, a buyer should budget for either significant renovation or eventual replacement. The data alone doesn’t confirm livability.
3. How does this property compare to others in the Wellington Crescent area?
It’s an outlier. Most homes in the neighborhood are much larger (average 2,343 sqft living area, 9,488 sqft land) and higher assessed value ($805,600). This property offers a smaller house and lot than the area norm, but at a lower price point—making it a rare entry point into a typically expensive pocket.
4. What are the chances of rezoning or subdividing the lot?
Zoning isn’t provided here, but a 5,999 sqft lot in an established area may have limitations. Buyers should check local bylaws. Given the lot is below the neighborhood average and similar to street-level sizes, subdivision may not be straightforward. It’s worth a dedicated inquiry rather than assuming potential.
5. Why does the property rank so low for year built despite being only 10 years older than the street average?
Rankings compare newer as better. At 1930, this home is older than 82% of homes on the street (average 1947) and 82% citywide (average 1966). In context, it’s not extremely old for the neighborhood—where the average is 1940—but citywide, it’s well past median vintage, which drags its rank.