221 Balmoral Street – Property Summary
Key Characteristics & Buyer Profile
This 1,676 sqft home built in 1902 sits in Winnipeg’s West Broadway area. Its main selling point is space: at the city level, it ranks in the top 22% for living area, well above the typical Winnipeg home. The land is sizable for the street and neighbourhood, though below the city average—meaning you get more indoor square footage than most homes in the city, but on a lot that’s modest compared to newer suburban properties.
The assessed value of $179k is substantially lower than the neighbourhood average of $295k and the city average of $390k. That gap is worth paying attention to. It could reflect a property that hasn’t been updated recently, or one where the market doesn’t yet place a premium on its location or condition. For a buyer willing to invest in renovations or who values a larger home in a central area without paying a premium for it, this could represent a value play. It would suit someone who prioritizes space and location over a turnkey finish, or an investor looking at the long-term upside in an older, transitioning neighbourhood. The home is one of the older properties in the city overall (top 1% oldest), so it will require an appreciation for character homes and the maintenance that comes with them.
Five Possible FAQs
1. Why is the assessed value so much lower than the neighbourhood and city averages?
The property ranks in the bottom 6% city-wide for assessed value, despite having above-average living space. This likely reflects the age of the home (1902) and possibly the condition of the property relative to newer or updated homes nearby. It may also indicate the neighbourhood is still seeing lower market demand compared to more established or higher-priced areas. A lower assessment doesn’t automatically mean a bad deal—it can point to undervalued potential.
2. How does the living space compare to other homes in West Broadway?
At 1,676 sqft, this home is below the West Broadway average of 2,017 sqft—it ranks in the bottom third of the neighbourhood. But compared to city-wide averages (1,342 sqft), it’s significantly larger. So while it’s not a standout for its immediate area, it offers more room than most Winnipeg homes overall. If you’re coming from a typical city house, it will feel spacious; if you’re used to the larger homes in West Broadway, it may feel modest.
3. What should someone know about owning a home built in 1902?
Homes of this vintage often have plaster walls, knob-and-tube wiring, lead pipes, or outdated foundations. City-wide, this home is among the earliest 1% of properties, so expect systems that need upgrading and possible structural quirks. On the plus side, older homes in this area often have solid masonry, high ceilings, and good bones. A thorough inspection is non-negotiable, and you should budget for energy efficiency improvements and modernizing electrical and plumbing.
4. Is the land size a problem for this property?
The lot is 3,498 sqft—just under the street and neighbourhood averages. It’s not unusually small, but it’s well below the city median (6,570 sqft), which is inflated by newer suburban lots. If you’re looking for a large yard, garden space, or potential for an addition, this lot is tighter. It’s typical for an inner-city property: functional but not expansive.
5. How does this property compare to others on Balmoral Street itself?
On Balmoral, the home is roughly average in living area and year built, but below average in assessed value. That suggests it may not have the same interior condition or updates as some neighbours. It ranks lower than about half the street for value, so it could be a fixer-upper relative to others. The street itself is part of a central, walkable area, which appeals to buyers who want proximity to amenities rather than a quiet suburban cul-de-sac.