147 Borebank Street – Property Summary
Key Characteristics & Buyer Profile
This is a 960-square-foot home built in 1923 on a 3,000-square-foot lot in Winnipeg’s Wellington Crescent area. Compared to nearby properties, it’s smaller in both living space and land, and it’s older than most homes on the street and across the city. Its assessed value of $350,000 sits slightly below the street average but is roughly in line with citywide medians.
The appeal here is more about entry point than standout features. In a neighbourhood where average homes are over 2,300 square feet on nearly 10,000-square-foot lots, this property offers a chance to own in a desirable area at a significantly lower price. It’s not a house that will impress with square footage or land size, but it won’t demand the premium that comes with those things either. The rankings make this clear: it’s in the bottom quartile for living area and land on its own street, but near the middle citywide for assessed value.
This property would best suit a buyer who prioritizes location and affordability over space and modern finishes. First-time buyers, downsizers looking for a smaller footprint in an established neighbourhood, or someone willing to renovate or rebuild could find value here. It’s less suited for someone expecting a turnkey home or a property that competes with its neighbours on size and condition.
Frequently Asked Questions
1. How does the assessed value compare to similar homes nearby?
On Borebank Street, the average assessed value is about $426,000. This home is assessed at $350,000, which puts it in the lower 18% of properties on the street. Citywide, it’s close to the middle—about 54% of comparable homes are valued lower.
2. Is the small lot size a major drawback?
It depends on your plans. At 3,000 square feet, the lot is smaller than 97% of properties on this street and in the wider Wellington Crescent area. If you want a large yard or room for major additions, this probably isn’t it. But if you’re looking for a manageable property with less upkeep, the smaller lot may be a practical advantage.
3. Why is the home ranked so low in year built if it’s from 1923?
The ranking compares this home to other properties in the same scope. On Borebank Street, the average home was built in 1947, so 1923 is older than most. Citywide, the average is 1966. Being older isn’t necessarily negative—some buyers prefer character homes—but it does mean maintenance and systems may require more attention.
4. What does “Top 76%” or “Top 96%” actually mean?
These rankings show what percentage of comparable homes this property outperforms. “Top 76%” means it ranks higher than 76% of homes in that category—so it’s in the bottom 24%. “Top 96%” means it outperforms 96% of homes, placing it in the bottom 4%. The higher the percentage, the lower the property ranks relative to its peers.
5. Would this property work well as a renovation or teardown?
Possibly, but it depends on your goals. The small lot limits what you can build, and the older construction may come with unexpected costs. Renovating could make sense if you’re okay with the existing footprint and want to update interiors. A teardown to build new would likely require a very specific budget and design to make the land value worthwhile, given the neighbourhood averages. It’s worth consulting a local contractor or architect before committing.