199 Spence Street – Property Summary

Key Characteristics & Buyer Profile

This is a 1,902-square-foot home built in 1906, set on a 2,981-square-foot lot in Winnipeg’s West Broadway neighbourhood. Its assessed value is $369,000.

The property’s main strength is its assessed value relative to its street and neighbourhood. It ranks in the top 8% on Spence Street and top 16% in West Broadway for value, meaning it holds higher valuation than most nearby homes. The living area is near the street and neighbourhood average, but significantly above the citywide average for comparable homes—a helpful benchmark for buyers who expect more interior space than what’s typical across Winnipeg.

What’s less obvious is how the land and age factors interact. The lot is smaller than most on the street and in the area, which can be a trade-off: less outdoor space, but often lower maintenance and a lower purchase price per square foot of land. The home was built in 1906, which places it among older properties citywide (top 98% oldest in Winnipeg), but it’s actually slightly newer than the neighbourhood average. That means the character and construction style of an early 1900s home are present, but you’re not buying one of the very oldest in the area.

This property would suit a buyer who values interior square footage and a strong assessed value relative to the immediate surroundings, and who is comfortable with an older home on a compact city lot. It may appeal to someone looking for character in a central neighbourhood, or an investor focused on value retention in a street with above-average assessments. Buyers who prioritize a large yard or a newer build should look elsewhere.

Five Possible FAQs

1. How does the assessed value compare to what I’d actually pay?
The assessed value of $369,000 is a municipal estimate for property tax purposes. It does not set the market price. However, the fact that it ranks in the top 8% on the street means it’s already valued higher than most neighbours—so listing or sale price may follow a similar pattern, depending on condition and demand.

2. Is a 1906 home a concern for maintenance or insurance?
It depends on upkeep. The home is older than the citywide average by about 60 years, but it’s not unusually old for the neighbourhood—many nearby homes were built around 1909–1910. Older homes can mean higher insurance premiums and potential issues with wiring, plumbing, or foundations. It’s wise to get a thorough inspection and check with insurers before committing.

3. Why is the lot size considered below average but the living area is not?
The lot is 2,981 square feet, which is smaller than typical lots on Spence Street (average 3,987 sqft) and in West Broadway (average 3,954 sqft). The house itself, at 1,902 sqft, is close to the street average (1,925 sqft). So you get a full-sized house on a smaller-than-average piece of land—common in older, denser parts of the city.

4. How does this property rank for livability compared to newer homes?
Newer homes citywide average around 1,342 sqft, so this home offers roughly 40% more interior space. But newer builds often have open layouts, modern insulation, and less immediate maintenance. This home provides more room but may require more ongoing attention. It’s a trade-off between size and age.

5. What does “Top 13% citywide for living area” actually mean here?
Out of about 194,000 comparable properties across Winnipeg, this home ranks in the top 13% for interior square footage. That means it has more living space than roughly 87% of homes in the city. For someone who values a larger floor plan, that’s a strong selling point—even if the lot is compact.