298 Lock Street – Property Summary
Key Characteristics & Buyer Profile
This is a compact, older home in Winnipeg’s Weston neighbourhood with a living area of 680 square feet—well below the citywide average of 1,342 square feet. Built in 1919, it’s one of the oldest homes on its street, where the average build year is 1956. The land area is 2,623 square feet, which is slightly below the street average but relatively generous compared to the very small citywide median lot size. The assessed value sits at $142,000, which is around average for Lock Street but significantly below the citywide average of $390,100.
The property’s main appeal is its affordability and the fact that it offers a standalone house, not a condo or apartment, at a price point that’s hard to find in most of Winnipeg. It would suit a buyer who values ownership and a bit of outdoor space over square footage or modern finishes. This could be a first-time buyer with a limited budget, someone looking for a fixer-upper with good bones in an established neighbourhood, or an investor after a low-cost entry into the market. The small footprint means lower utility and maintenance costs, but the age of the house likely means some updates are needed. It’s not a home for someone seeking move-in-ready perfection or a large, open layout.
Five Frequently Asked Questions
1. How does this property compare to others nearby?
On Lock Street, the home’s assessed value is about average, and its land area is slightly above median. However, it ranks very low for living area (88th percentile on the street) and age (97th percentile, meaning almost all nearby homes are newer). In the broader Weston neighbourhood, it falls in the bottom third for living area and value, but is roughly average for lot size and build year.
2. What does the “Top 97%” ranking mean?
It means that compared to all comparable homes citywide, this property has a smaller living area than 97% of them. The ranking system shows where the home stands relative to others—lower percentile in living area and year built, but a slightly better rank for land area and assessed value at the street level.
3. Is the assessed value a reliable estimate of market price?
Assessed value is used for property tax calculations and is based on a formula, not current market conditions. In a neighbourhood like Weston, where sale prices can vary, the assessed value is a starting point but may not reflect what a buyer would actually pay. A real estate agent familiar with the area can give a more accurate market estimate.
4. Would this home be eligible for renovation grants or programs?
Possibly. Because the home was built in 1919, it may qualify for heritage or older-home renovation programs offered by the city or province, such as the Winnipeg Housing Rehabilitation Program. Buyers should check current eligibility, especially if the home needs structural, electrical, or plumbing upgrades.
5. What are the downsides of buying a home this old and small?
The most obvious downsides are the need for ongoing maintenance and potential surprises (old wiring, plumbing, foundation issues). The small living area may also limit resale appeal if future buyers prioritize space. On the plus side, older homes often have better construction quality than newer builds, and a small house encourages simpler living with lower heating and cooling costs.