320 Lock Street – Property Summary
Key Characteristics & Buyer Profile
This is a brand-new home (built 2022) in Winnipeg’s Weston neighbourhood, offering 924 sqft of living space on a 2,437 sqft lot. Its standout feature is assessed value: at $272,000, it ranks #1 on Lock Street (top 3%) and #118 city-wide—significantly above the street average of $173,900. The property is a clear value outlier in its immediate context. The living area is above average for the street but below the city median, and the lot is on the smaller side, especially compared to city-wide norms.
The appeal lies in getting a newer, well-valued home in an older, established area. Most homes on Lock Street were built around 1956, so this property offers modern construction without the premium you'd pay in a newer subdivision. It suits buyers who prioritize a turnkey, low-maintenance home over a large yard, and who want strong assessed value relative to street-level peers—potentially indicating equity stability or future resale advantage. Less obvious: this home may appeal to someone who values being a “top performer” in a modest neighbourhood rather than an average home in a pricier area. It’s not for buyers seeking maximum square footage or a spacious lot.
Five Possible FAQs
1. The assessed value is high for the street, but below the city average. What does that mean?
It means the home is priced well above others on Lock Street, most of which are older and smaller. This suggests the property is a premium option in a lower-cost area. City-wide, however, it’s still affordable relative to the $390,100 average—so you’re getting a top-tier home in its immediate context without paying citywide prices.
2. Is a 2,437 sqft lot considered small?
For Winnipeg, yes. City-wide, the average lot is about 6,570 sqft. Even within Weston, lots average 3,269 sqft. This property has a compact yard, which is typical for newer infill homes in older neighbourhoods. Good for low-maintenance living, but not for gardening or large outdoor gatherings.
3. Why is the living area ranked high on the street but low city-wide?
The street average is 812 sqft, so 924 sqft is above the local norm. But city-wide, the average is 1,342 sqft—so compared to newer suburban homes, this is on the smaller side. It’s a well-sized home for its immediate area, but not spacious by broader standards.
4. How does being built in 2022 affect insurance and maintenance?
Newer construction often means lower insurance premiums and fewer immediate repair costs. Electrical, plumbing, roofing, and HVAC systems are all current. That said, being the newest home on the street can also mean higher property taxes relative to neighbours, since assessed value is based on current condition.
5. Is this a good investment property?
The strong assessed value ranking on the street (top 3%) suggests resale potential is solid relative to local comps. But the compact lot and smaller living area may limit appreciation compared to larger homes in growing areas. It’s a good candidate for stable, low-risk ownership or rental income in a well-established neighbourhood—not for rapid flip-style gains.