343 Lock Street – Property Summary
Key Characteristics & Buyer Profile
This is a 768 sq. ft. home built in 1958 on a 3,333 sq. ft. lot in Winnipeg's Weston neighbourhood. Its main appeal is the land. The lot is noticeably larger than average for Lock Street (ranked in the top 25%), and slightly bigger than the neighbourhood average. The house itself is older than many nearby, built in a year that ranks in the top 13% of the neighbourhood and top 25% on the street—meaning it’s one of the earlier builds in the area. The living area is average for the street and neighbourhood, but well below the citywide average for comparable homes.
The assessed value of $177,000 sits close to the street and neighbourhood averages, but is far below the citywide average of $390,100. This suggests the property is priced in line with its immediate surroundings, not the broader market. The home is most suited to buyers who prioritize lot size over interior square footage—someone looking to renovate, add on, or simply have more outdoor space in an established, older neighbourhood. It may also appeal to those who want a relatively affordable entry point in Winnipeg without being in a high-demand, higher-priced area. The Weston neighbourhood is not currently a top-ranked area citywide, so this property would suit a buyer comfortable with a modest, well-located fixer-upper or a long-term hold.
Frequently Asked Questions
1. How does the lot size compare to other homes in the area?
The lot is larger than most on Lock Street, ranking in the top 25%. It’s slightly above the neighbourhood average of 3,269 sq. ft., but well below the citywide average for comparable homes. For someone who values yard space, this is a strong point.
2. Is the assessed value a good indicator of market price?
Assessed value is a useful benchmark, but not a direct market price. Here, the assessment ($177k) is in line with both the street and neighbourhood averages. It’s significantly below the citywide average, partly because the home is smaller and older than many citywide comparables. A buyer should still look at recent sale data in Weston for a realistic market range.
3. How old is the house, and what does that mean for maintenance?
Built in 1958, it’s older than most homes on Lock Street and in Weston. That means it may have original systems (plumbing, electrical, foundation) that could need updating. On the positive side, older homes in this price range often have solid bones and less expensive property taxes relative to newer builds.
4. What’s the neighbourhood like?
Weston is a mature, working-class neighbourhood with a mix of post-war bungalows and newer infills. It’s not a trendy or high-appreciation area citywide, but it has established amenities and is relatively close to downtown. The property ranks near the middle of the neighbourhood for value and land size, which suggests stability rather than rapid growth.
5. Would this property work for an investor or a first-time buyer?
It could suit both, but for different reasons. A first-time buyer might find it affordable with good outdoor space, though they should budget for potential updates. An investor might see value in the lot size for future development or a renovation flip, but should note that the neighbourhood’s ceiling for resale prices is modest compared to higher-ranked parts of the city.