249 Balmoral Street – Property Summary

Key Characteristics & Buyer Profile

This 1,508 sqft home on Balmoral Street sits on a 3,728 sqft lot, built in 1902. Its assessed value is $162,000. What stands out most is the contradiction between the home’s local and citywide positioning. On Balmoral Street and within the West Broadway neighbourhood, the property is below average in living area, assessed value, and land size. Citywide, however, its living area ranks in the top 30%—above the Winnipeg average of 1,342 sqft—while its lot is on the smaller side compared to the city norm of 6,570 sqft. The assessed value is well below both street and neighbourhood medians, coming in at roughly $100,000 less than the average on Balmoral alone.

The appeal here is not about competing with newer or larger homes nearby. Instead, the property offers a relatively spacious interior by Winnipeg standards, in a central location, at a price point that reflects the older age (1902) and below-average local valuation. This would suit buyers who are less concerned with keeping up with neighbours and more focused on getting more square footage for less money in an established area. It may also attract someone planning renovations—the lot is modest but typical for the street, and the home’s age means potential for character features, though that comes with older-building realities. First-time buyers, investors looking for a value-add project, or anyone wanting to be in West Broadway without paying the neighbourhood average would find this property worth a closer look.

Five Possible FAQs

1. How does the assessed value compare to similar homes in the area, and what does that mean for property taxes?
The assessed value of $162,000 is well below the Balmoral Street average of $263,600 and far under the West Broadway average of $295,400. It lands in the bottom 4% citywide. Generally, a lower assessed value means lower annual property taxes, but it also reflects the home’s age and condition relative to others nearby. Buyers should verify the current tax bill and factor in potential reassessments after any renovations.

2. The home was built in 1902. Are there common concerns with a property this old, and is there any indication of updates?
Homes from 1902 often have older electrical, plumbing, and foundation systems. No specific update history is given here. Buyers should budget for a thorough inspection, especially of the roof, wiring, and basement moisture. The upside is that older homes in Winnipeg sometimes have solid wood framing and unique architectural details, but that varies by property.

3. The living area is above average citywide but below average on the street. Is the floor plan likely to feel cramped or spacious?
At 1,508 sqft, this is larger than the typical Winnipeg home (1,342 sqft), so it should feel roomy by city standards. On Balmoral Street, the average is 2,079 sqft, meaning neighbours may have notably larger layouts. Whether it feels spacious depends on the floor plan’s efficiency—buyers should view in person to judge room sizes and storage.

4. How does the lot size affect future possibilities, like adding an extension or a garage?
The lot is 3,728 sqft, slightly smaller than the street average of 3,934 sqft and well below the city average of 6,570 sqft. This limits expansion potential compared to homes on larger lots. Adding a detached garage or a modest addition may be possible, but buyers should check local zoning and setback rules before planning any major changes.

5. What does “ranked 66 out of 79 on the street” actually mean for resale value?
It means this property is in the bottom 16% of homes on Balmoral Street by assessed value. Lower-ranked homes may take longer to sell or attract more price-sensitive buyers. However, citywide the living area ranks well, which could appeal to someone who values interior space over street prestige. Resale depends on future improvements and market conditions, not just rankings.