Property Overview: 232 Borebank Street, Winnipeg
Key Characteristics & Appeal
This home at 232 Borebank Street in North River Heights is a classic, compact bungalow built in 1926. With 816 square feet of living space on a 3,963 sqft lot, it is notably smaller than most homes on its street, in the neighbourhood, and across Winnipeg. This defines its core appeal: it is an accessible entry point into a desirable, established area. The assessed value of $326,000 is below the local averages but aligns more closely with the wider city average, suggesting you are paying a premium for the location rather than the size of the home.
Its primary appeal lies in the opportunity to own a character home in North River Heights—a neighbourhood known for its mature trees, quiet streets, and convenience—without the typical price tag of a larger property. It would suit first-time buyers, downsizers, or investors looking for a foothold in a stable area. A thoughtful perspective is that its smaller scale could mean lower utility costs and less maintenance, offering a simpler, more efficient lifestyle. The lot, while below the area average, still provides decent outdoor space for a home of this size. Recent sale history indicates steady value appreciation, pointing to the enduring demand for well-located properties.
Frequently Asked Questions
1. Is this a "teardown" or renovation project?
Given its age and smaller size compared to neighbouring homes, some buyers may consider redevelopment. However, its consistent sale history and maintained assessed value suggest it is a functional, livable home. Its future is likely a matter of buyer intention, whether that's living in its current state, renovating, or eventually redeveloping the lot.
2. How does the assessed value compare to likely selling price?
The assessed value ($326k) is an administrative figure for tax purposes. Notably, it sits below area averages but near the city average. Recent sold prices on the street (2020: $300k-$350k; 2017: $250k-$300k) show upward momentum, so a current selling price may reflect market conditions more than the assessment.
3. What are the real costs of owning a 100-year-old home?
While offering charm, a century-old home requires careful attention. Buyers should budget for potential updates to foundational systems like wiring, plumbing, and insulation, which may not be reflected in the square footage or assessment value.
4. The home is "below average" in size for the area. Is that a problem?
This is the defining trade-off. It allows access to a sought-after neighbourhood at a lower price point. Resale will always attract buyers looking for that same opportunity, but it may not appreciate at the same rate as larger homes on the street.
5. Can I get the exact past sale prices?
The provided data shows estimated price ranges. Due to industry regulations, exact sold prices are not published online here. You can request the exact figures via email from the site provider, who will manually look them up and send them to you.