254 Balmoral Street – Property Summary
Key Characteristics & Buyer Profile
This is a 1,578 sqft home on a 2,995 sqft lot, built in 1902. Its assessed value is $163,000.
The property sits in an interesting position relative to its surroundings. On its own street and in the West Broadway neighbourhood, the living area and assessed value are below average. But when compared across all of Winnipeg, the living area actually ranks in the top 26% — meaning this home is smaller than many on its block but still larger than most citywide. The assessed value remains low by every measure, ranking in the bottom 4% citywide.
The year built (1902) is typical for the street and area but puts it among the oldest homes in the city. The lot is also on the smaller side for both the neighbourhood and Winnipeg as a whole.
This property would suit a buyer who is comfortable with an older home and values a smaller footprint — either for lower maintenance or as a starting point for renovation. It may appeal to someone looking for an entry point into a central neighbourhood, where the assessed value and likely purchase price are significantly below area averages. The home is not positioned as a showpiece or a top-tier asset in its immediate area, but it offers more interior space than most citywide homes. Buyers should be prepared for the realities of a 1902 structure, including potential updates needed.
Frequently Asked Questions
1. Why is the assessed value so low compared to the neighbourhood and city?
The assessed value reflects the home’s size, condition, and location relative to comparable properties. At $163,000, it is well below the West Broadway average of $295,400 and the citywide average of $390,100. This suggests the property may need significant updates or has features (like lot size or layout) that keep its market value low. It is not necessarily a sign of a problem — but it does indicate the home is priced for a buyer willing to invest in improvements.
2. The living area is above average citywide but below average on the street. What does that mean practically?
It means the home is larger than most houses in Winnipeg (where the average is 1,342 sqft) but smaller than the typical home on Balmoral Street (average 2,079 sqft) and in West Broadway (average 2,017 sqft). If you are comparing within the immediate area, this is a compact home. But if you are coming from a smaller city or a different part of Winnipeg, it will feel spacious.
3. How much work does a 1902 home typically need?
Homes of this age often require attention to foundations, electrical systems, plumbing, and insulation — things that may not be visible at first glance. The ranking data shows it is among the oldest homes citywide (top 1% oldest), so original features may be present, but so may outdated systems. A thorough inspection is strongly recommended.
4. Is the small lot a dealbreaker?
It depends on your priorities. At 2,995 sqft, the lot is below average for the street (3,934 sqft), the neighbourhood (3,954 sqft), and the city (6,570 sqft). You will have less outdoor space for gardening, parking, or expansion. However, smaller lots often mean less yard work and lower upkeep. For someone who wants a central location without a big property to manage, it could be a practical choice.
5. What is the neighbourhood like?
West Broadway is a central Winnipeg area with a mix of older homes, rental properties, and some commercial corridors. It is close to amenities like shops, restaurants, and transit. The property rankings suggest it is not a high-demand area relative to the rest of the city — values and sizes are below average. But it offers proximity to downtown and the Exchange District, which appeals to buyers who want urban convenience over suburban space.