261 Balmoral Street – Property Summary
Key Characteristics & Buyer Profile
This 1,475 sqft home on Balmoral Street was built in 1902 and sits on a 3,805 sqft lot. Its assessed value is $175,000.
The property’s main draw is affordability. The assessed value sits well below street, neighbourhood, and city averages—ranking in the bottom 5% citywide. For buyers focused on purchase price rather than square footage or finishings, this represents one of the more accessible entries into the West Broadway area.
The living area is modest relative to the street and neighbourhood, but it’s actually around the citywide average for comparable homes. The lot size is similarly average for the immediate area, though smaller than typical Winnipeg properties. The home’s age (1902) is consistent with the character of the neighbourhood but significantly older than the citywide average.
This property would suit buyers who:
- Prioritize a low entry price over move-in-ready condition or modern finishes
- Are comfortable with an older home that may need updates or maintenance
- Want to be in West Broadway without paying a premium for larger living spaces
- See value in a smaller footprint—lower utility costs, less to maintain
A less obvious consideration: properties ranked this low in assessed value sometimes reflect deferred maintenance or functional obsolescence, but they can also simply be smaller, older homes in a neighbourhood where larger or renovated properties skew the averages upward. It’s worth investigating why the value is low relative to nearby homes.
Frequently Asked Questions
1. How does this home’s size compare to others in Winnipeg?
It’s right around the citywide average for comparable homes. On its own street and in West Broadway, it’s smaller than most—the street average is 2,079 sqft, and the neighbourhood average is 2,017 sqft. But citywide, the average is 1,342 sqft, so this home is slightly above that.
2. Is the assessed value of $175,000 a reliable indicator of market price?
Assessed value is used for property tax calculation and is based on a specific valuation date. It can differ from current market value, especially in a changing market. However, a value this far below neighbourhood and city averages ($295,400 and $390,100 respectively) does suggest the property is priced considerably lower than typical homes in the area.
3. What should I know about a home built in 1902?
Older homes often have solid construction and desirable character details, but they may also have outdated electrical, plumbing, or insulation. The year-built ranking (Top 99% citywide for age) means this is among the oldest homes in Winnipeg—maintenance history becomes especially important. A thorough home inspection is strongly recommended.
4. How does the land size affect usability or future potential?
At 3,805 sqft, the lot is average for the street and neighbourhood but well below the citywide average of 6,570 sqft. That’s typical for an older, more central neighbourhood. It’s enough for a house with a small yard or garden, but not for major expansions or additional structures without careful planning and zoning checks.
5. What does “below average” mean in the context of this property’s rankings?
The rankings compare this home to “comparable homes” within the same scope (street, neighbourhood, city). “Below average” means it ranks lower than most—for example, on living area it ranks #69 out of 79 homes on Balmoral Street, so only 10 homes are smaller. These comparisons help you see where the property sits relative to its peers, not whether it’s a “good” or “bad” investment.