Property Overview: 656 Banning Street, Winnipeg
Section 1: Key Characteristics & Appeal
This one-and-three-quarter storey home, built in 1924, presents a solid opportunity in the Daniel McIntyre neighbourhood. Its key appeal lies in its above-average positioning within its immediate area. With 1,320 sqft of living space, it offers more room than many neighbouring homes, and its 3,285 sqft lot size is notably larger than most on the street, providing valuable outdoor space. A recently renovated basement and a detached garage add practical value.
The home’s assessed value ranks highly for both the street and the neighbourhood, suggesting it is viewed as a substantial property in its local context. This creates an interesting dynamic: while it stands out positively in Daniel McIntyre, its value is more modest city-wide, which can be appealing for buyers seeking a character home in a central location without the premium of newer suburban areas.
This property would suit a buyer looking for a home with classic architecture and generous lot size who values being part of an established, central community. It’s well-suited for someone comfortable with the maintenance of a century-old home but appreciative of recent updates like the basement renovation. It represents a practical step into homeownership or a long-term hold in a neighbourhood where the property’s fundamentals—like lot size—are strong relative to its peers.
Section 2: Frequently Asked Questions
1. How does the assessed value compare to the last sale price?
The home was last sold in August 2022 for $300,000. Its current assessed value is $264,000. It’s important to consult with a real estate professional to understand current market conditions, as assessed values are for tax purposes and sale prices are determined by the market.
2. What does the "above average" ranking for lot size mean practically?
With a lot size of 3,285 sqft, this property ranks in the top 8% on its street. Practically, this means more private outdoor space, better potential for gardening, parking, or additions, and less crowding from neighbouring homes compared to other lots in the area.
3. Is the renovated basement a legal suite?
The listing notes a renovated basement but does not specify it as a legal secondary suite. Buyers should verify its compliance with local zoning and building codes with the city if considering rental income potential.
4. What are the implications of the home’s age?
Built in 1924, the home has character but requires a mindful approach. While systems like the basement have been updated, buyers should budget for ongoing maintenance and potential updates to other original components, such as plumbing, electrical, or windows, during a professional inspection.
5. How does this home fit within the wider Winnipeg market?
The data shows a contrast: this home ranks highly in its neighbourhood for value and size, but falls below the city-wide average for assessed value. This highlights its position as a substantial property in a more affordable, central neighbourhood, rather than in higher-priced suburban areas.