255 Spence Street – Property Summary
Key Characteristics & Buyer Profile
This 2,328 sqft home on Spence Street offers generous living space that stands out across multiple comparisons. Its size ranks in the top 5% city-wide, well above Winnipeg’s average of 1,342 sqft, and it also sits in the top 20% on its own street and top 24% within the West Broadway area. That means the property provides significantly more interior room than most others nearby—a rare advantage in a neighbourhood where the average home is around 2,000 sqft.
The assessed tax value of $300,000 is above the street average ($247,000) and roughly in line with the broader community ($295,000), but notably below the city-wide average of $390,000. This suggests the property offers strong square footage for its tax bracket—buyers get more interior space per dollar of assessed value compared to many parts of Winnipeg.
Built in 1902, the home is older than most in the area and falls in the oldest 1% of properties city-wide. That will appeal to buyers who appreciate early 20th-century character, original detailing, or established architecture, but it also means the house may require more upkeep and potentially older systems than a newer build.
The lot is 2,997 sqft, which is smaller than typical for the street, neighbourhood, and city. This is worth noting for anyone wanting a large yard or room for extensions, but it also keeps the property more compact and potentially lower-maintenance.
Who this suits: Buyers who prioritize indoor living space and value—especially those looking for a larger home in a central, established neighbourhood without paying a premium for land. It may also appeal to someone who appreciates older homes with history and is prepared for the maintenance that comes with a 1902 build. Less suited for buyers seeking a large private lot or a move-in-ready property with modern systems.
Five Frequently Asked Questions
1. How does this property’s size compare to other homes in West Broadway?
It’s well above average. The typical home in the area is about 2,017 sqft, while this one is 2,328 sqft. It ranks in the top 24% locally, so it’s one of the larger homes in the neighbourhood.
2. Why is the assessed value lower than the city average when the house is so big?
Assessed value reflects market factors including location, lot size, age, and condition—not just square footage. This home is older and on a smaller lot, and it’s in a community where values tend to be lower than the city-wide median. So you’re getting more interior space at a relatively modest tax valuation.
3. Is a 1902 house likely to need a lot of work?
It depends on how it’s been maintained. Homes from that era can have solid bones—old-growth lumber, good craftsmanship—but systems like wiring, plumbing, and insulation may not be up to current standards. A thorough inspection is especially important here.
4. What does the smaller lot mean in practical terms?
Less yard space for gardening, parking, or adding a garage or extension. On the plus side, less outdoor upkeep. If you want a big backyard or room for future development, this may not be ideal.
5. How does this property compare to others on Spence Street specifically?
It’s one of the larger homes on the street (top 20% for living area), with a higher assessed value than average. But the lot is smaller than most neighbours’, and it’s among the older homes on the block. It offers a strong interior footprint relative to its immediate surroundings.