318 Lock Street – Property Summary
Key Characteristics & Buyer Profile
This is a compact, older home in Winnipeg’s Weston neighbourhood. At 718 square feet of living area, it’s noticeably smaller than the citywide average (1,342 sqft) and sits below the typical size for homes on its own street. Land area is also modest at 2,437 sqft, which places it in the bottom third compared to other homes in the neighbourhood.
Where this property stands out most clearly is price. The assessed value of $121,000 ranks in the bottom 1% citywide, and well below the street average of $173,900. That low figure isn’t necessarily a flaw—it reflects the home’s smaller size, older construction (built in 1932), and the fact that it hasn’t been upgraded to match newer or larger comps in the area.
The appeal here is straightforward: this is an entry-level property for someone who values affordability over space or modern finishes. It would suit a first-time buyer, an investor looking for a low-cost rental, or someone willing to put sweat equity into a home that’s priced to allow for renovations. The Weston neighbourhood offers older character housing and proximity to downtown Winnipeg, but buyers should be comfortable with a home that’s smaller and older than most of what’s available citywide.
Frequently Asked Questions
1. Is the assessed value a reliable guide to the sale price?
Assessed values reflect market conditions as of a specific date and may lag behind current trends. In a neighbourhood like Weston, where many homes are older and varied in condition, the final sale price can differ. It’s best to use the assessment as a baseline and compare recent sold listings on Lock Street for a more current picture.
2. Why is the living area ranked so low citywide but only slightly below average on its street?
Homes on Lock Street tend to be smaller than the Winnipeg average. So while 718 sqft is well below typical citywide housing, it’s not unusually small for this particular street—just slightly below the street median. The ranking reflects the comparison pool: against the whole city, it’s small; against its immediate neighbours, it’s average.
3. What does a year built of 1932 mean for maintenance and systems?
Homes from the 1930s often have solid framing but may need updates to electrical, plumbing, insulation, and windows. The age itself isn’t a red flag—many Winnipeg homes from this era are well-maintained—but a buyer should budget for potential upgrades. The fact that the home ranks in the older half of the neighbourhood (Top 78%) suggests it’s not an outlier for its area.
4. How does the small lot size affect usability or future resale?
A 2,437 sqft lot is tight by city standards, especially compared to newer subdivisions. It limits outdoor space for additions, a garage, or large landscaping. However, in older urban neighbourhoods like Weston, smaller lots are common. Buyers looking for a yard should check whether the current layout meets their needs, as expansion options are limited.
5. What does “rank by land area, larger = better rank” actually mean for this property?
The ranking system compares this home to others in the same category. A lower rank (e.g., #1,520 out of 1,736 in the neighbourhood) means the lot is smaller than most. The note “larger = better rank” simply clarifies that bigger lots are considered more desirable in the ranking logic. For a buyer who doesn’t need a large yard, this smaller lot may be a non-issue—or even a benefit in terms of lower maintenance.