138 Borebank Street – Property Summary

Key Characteristics & Buyer Profile

This is a 1926 home with 983 square feet of living space and a 3,837-square-foot lot, located in the Wellington Crescent area of Winnipeg. Its assessed value is $360,000.

The property ranks below average on nearly every metric when compared to its own street and neighbourhood. On Borebank Street, it sits in the bottom quarter for living area, assessed value, and lot size. In the broader Wellington Crescent neighbourhood—which includes much larger, higher-value properties—it ranks near the bottom in almost all categories. Citywide, the picture is more mixed: the home lands around the median for assessed value, but still below average for living area and lot size.

The appeal here is less about size or prestige and more about entry-point affordability within a sought-after area. This is not a “starter home” in the traditional sense—it’s a much smaller, older house surrounded by significantly larger ones. That could suit a buyer who values the Wellington Crescent location (tree-lined streets, proximity to the river, established neighbourhood character) but is priced out of the typical homes there. It may also appeal to someone looking for a renovation project on a modest lot, where the land itself carries less weight than the address. The property is best suited to a buyer who prioritizes location over square footage, and who is comfortable owning an older home (1926) that may require updates.

Five Possible FAQs

1. Why is the assessed value around average citywide but so low compared to the neighbourhood?
The Wellington Crescent neighbourhood includes some of Winnipeg’s most expensive properties. The $360,000 assessment puts this home near the citywide median, but it’s far below the neighbourhood average of $805,600. Essentially, you’re in a high-value area, but the home itself is valued more like a typical city home.

2. How does the lot size affect the property’s usability?
At 3,837 square feet, the lot is smaller than most in the area—about 40% smaller than the street average. That limits expansion potential, especially compared to neighbouring properties. It’s fine for a single-family home with a modest yard, but don’t expect room for large additions or extensive landscaping.

3. Is a 1926 home a practical purchase for someone who isn’t handy?
It depends on its current condition. The year-built data only tells you the age, not the quality of updates. Many 1920s homes have solid construction but may need electrical, plumbing, or insulation upgrades. A pre-purchase inspection is especially important here to understand what you’re taking on.

4. What does the “Top 73%” ranking really mean?
It means the home ranks higher than 27% of comparable properties on the street for living area—so it’s in the lower third. The bars and percentages compare this home against a “rough median benchmark” of similar homes. In plain terms, for most metrics, this property is smaller, older, and on less land than the majority of nearby houses.

5. Could this be a good investment property?
Potentially, if the purchase price is low enough relative to the location. The citywide median assessment suggests the price isn’t inflated by the neighbourhood. However, the small lot and older structure limit resale upside unless you renovate. It’s more of a lifestyle buy—living in Wellington Crescent on a smaller budget—than a pure investment play.