Property Overview: 226 Oak Street, North River Heights, Winnipeg
Key Characteristics & Appeal
This home at 226 Oak Street is a character property built in 1923, offering above-average space and value within its sought-after North River Heights neighbourhood. With 2,025 square feet of living area, the home provides significantly more interior space than most comparable properties in Winnipeg, ranking within the top 10% city-wide. Its assessed value of $646,000 further underscores its premium positioning, placing it in the elite top 5% of homes across the city for value.
The appeal lies in this combination of generous, well-proportioned space and a solid valuation within a mature, established community. The lot size is typical for the area, offering a balanced outdoor space without excessive maintenance. A thoughtful perspective is that while the home is older, this is consistent with the charming, historic fabric of North River Heights. The data suggests you are paying primarily for the desirable location and the substantial interior volume, rather than for an oversized parcel of land.
This property would best suit buyers looking for a character home with ample room, who value neighbourhood prestige and statistical value over a modern build date. It’s ideal for those who appreciate established communities and are possibly prepared to update an older home to personalize it.
Frequently Asked Questions
1. How does the age of the home affect its value?
While the 1923 build date is older than most, it is characteristic of the neighbourhood. The assessed value indicates the property's worth has been judged on its overall offering—location, size, and condition—rather than age alone. Buyers should budget for potential updates consistent with a home of this era.
2. Is the assessed value a reliable indicator of the likely selling price?
The assessed value is for municipal tax purposes and is a strong benchmark, showing the home is valued highly compared to others. However, market conditions, specific home features, and recent renovations will ultimately determine the final sale price.
3. The lot seems smaller than some neighbours'. Is that a concern?
The land area is around the average for North River Heights. The data indicates the property’s premium is driven by the living space and location, not an exceptionally large lot. This can be an advantage for those seeking less yard maintenance.
4. What can the 2019 sale price tell me?
The previous sale price (listed in a broad range between $400k-$450k in 2019) shows historical context. The significant increase to the current assessed value reflects market appreciation and reinforces the property's high-value ranking city-wide.
5. How does this home truly compare to others nearby?
The rankings show this home offers more living space than 74% of homes on its own street and 84% in North River Heights. For value, it outranks 79% of street properties and 91% in the area. It is a standout for size and perceived value within an already desirable location.