73 Spence Street – Property Summary
Key Characteristics & Buyer Profile
This is a 2,424 sqft home on a 5,490 sqft lot, built in 1904. The standout feature is its size: the living area ranks in the top 4% citywide in Winnipeg, and the lot is in the top 14% on Spence Street and top 16% in the West Broadway neighbourhood. The assessed value is $260,000, which sits around average for the street and neighbourhood but well below the citywide average of $390,100—a pattern that reflects the older housing stock in this area.
The appeal lies in the space-to-price ratio. You get a significantly larger home and yard than most comparables in the city, at a price that hasn’t caught up with that square footage. The trade-off is age: the house was built in 1904, putting it in the oldest 1% citywide. Buyers should expect systems, finishes, and layout that reflect a home of that era—character and potential for renovation, rather than move-in-ready modernity.
This property suits buyers who value interior space and a generous lot over a turnkey condition or a trendy address. It would fit someone looking for a long-term project, an investor focused on square footage per dollar, or a buyer who appreciates older homes and wants to put sweat equity into a property with strong bones. It’s less suited to someone who wants a low-maintenance, updated home in a higher-priced area.
Five Possible FAQs
1. Why is the assessed value so low compared to the city average, given the large living area?
The assessed value reflects the home’s age, condition, and neighbourhood context. While the living area is elite citywide, the home was built in 1904 and sits in West Broadway, where average values are lower than many newer or more central areas. The citywide average includes many newer, higher-value homes, which pulls it up.
2. Does a “top 4%” living area ranking mean the house is unusually large for Winnipeg?
Yes, relative to comparable homes in the citywide data pool, this is a very large house. The average living area for comparable citywide homes is 1,342 sqft—this home is nearly double that. Keep in mind “comparable homes” may include a range of types, but the ranking shows it’s well above the typical single-family home in Winnipeg.
3. What does the “top 99%” year-built ranking mean practically?
It means the house is older than 99% of comparable homes citywide. That’s not inherently bad, but it does mean you should expect older electrical, plumbing, insulation, and possibly foundation details. A thorough home inspection—especially for knob-and-tube wiring, lead pipes, or settling—is strongly recommended.
4. The lot is large for the street and neighbourhood but only average citywide. Why the difference?
Citywide averages include newer suburban lots that often have bigger yards—6,570 sqft on average—while older urban lots in areas like West Broadway tend to be smaller and more uniform. So this lot is generous for its immediate area but not exceptional compared to newer subdivisions.
5. How do the rankings work, and should I rely on them when deciding?
The rankings compare this property to other “comparable homes” within the same data set, broken down by street, neighbourhood, and city. They’re useful for spotting outliers—like the unusually large living area—but they don’t capture condition, layout quality, or recent renovations. Use them as a quick filter, not a final verdict. The neighbourhood map analysis mentioned on the page could give you a clearer picture of how this house sits relative to specific nearby properties.