125 Spence Street – Property Summary

Key Characteristics & Buyer Profile

This is a 1909-built home with 2,334 square feet of living space on a 5,880-square-foot lot. The property stands out most for its size: it ranks in the top 4% citywide for living area and the top 6% on its street for land area. The assessed value is $343,000, which is above average for the street and neighbourhood but roughly average for Winnipeg as a whole.

The appeal here is unusual. While the home is large and sits on a generous lot, its assessed value hasn't kept pace with its size relative to the city. That suggests either an older interior, a less sought-after location, or both. For a buyer, this could mean opportunity—more space per dollar than newer suburban homes—but it also implies the property may need updating or that resale value growth has been modest.

This property would suit someone who values square footage and outdoor space over a move-in-ready finish. It's a good fit for buyers who are handy or willing to invest in renovations, or for those who prioritize character and central location (West Broadway, Winnipeg) over a cookie-cutter layout. It's less suited to someone looking for a turnkey home or high citywide appraisal growth.

Five Possible FAQs

1. Why is the assessed value below the city average when the living area is so much larger?
Large older homes in central neighbourhoods often have lower assessments per square foot than newer homes in outlying areas. Citywide averages include many newer, smaller homes with higher per-square-foot values. This property's $343k assessment reflects its age (1909), neighbourhood market conditions, and likely the condition or finishes of the interior.

2. How does the lot size compare to other properties in West Broadway?
The lot is 5,880 square feet, which is nearly 50% larger than the neighbourhood average of 3,954 square feet. It ranks in the top 9% locally, meaning you get significantly more outdoor space than most nearby homes. That's unusual for a central Winnipeg property.

3. Is the 1909 construction a concern for insurance or maintenance?
Homes from this era often have solid framing and good bones, but systems (electrical, plumbing, roof, foundation) may be original or overdue for replacement. Insurance premiums can be higher for older homes, and some lenders may require a home inspection. It's wise to budget for updates even if the home appears functional.

4. How does this property's value trend compare to newer homes in Winnipeg?
Citywide, this home's assessed value ranks near the middle (top 56%), meaning it hasn't appreciated as quickly as many newer homes. That can be a double-edged sword: lower entry cost, but slower equity growth. If you're buying for long-term occupancy rather than quick resale, the relative affordability may be a plus.

5. What's the neighbourhood like for families or investors?
West Broadway is a mixed, central area with a range of housing stock. It's walkable and close to downtown, but not typically considered a top family neighbourhood by Winnipeg standards. Investors might see potential if the property can be renovated and re-assessed, but demand in this specific pocket tends to be steady rather than hot.