Property Overview: 314 Borebank Street, Winnipeg
Key Characteristics & Appeal
This home at 314 Borebank Street in North River Heights is a standout property defined by its generous scale and premium valuation. Built in 1938, its primary appeal lies in its substantial 1,908 square feet of living space, which ranks in the top 3% of homes on its street and well above averages for both the neighbourhood and the wider city. This suggests a home that offers more room than is typical for the area, likely appealing to those seeking space for a growing family, a home office, or comfortable entertaining.
The property’s assessed value of $778,000 firmly places it in the elite tier for value, ranking in the top 2-4% across all comparison levels. This significant valuation, combined with a sold price between $750,000-$800,000 in late 2024, indicates a home that is perceived as a premium offering. Its lot size of 4,801 sq. ft. is consistent with area norms. The home’s age is a consideration; while typical for the established neighbourhood, it ranks as older than most on its specific street, suggesting potential for updates or a buyer who appreciates classic character.
This property would best suit buyers who prioritize space and established prestige over a new build. It’s ideal for someone looking for a move-in-ready home in a prime location that already reflects a high market value, possibly appealing to professionals, established families, or those downsizing from a larger estate but unwilling to compromise on room size and neighbourhood stature.
Frequently Asked Questions
1. What does the "Elite" ranking for Assessed Value really mean?
It means this home’s official assessed value is among the highest 2-4% of all comparable homes in its immediate area, neighbourhood, and city. This signifies it is considered a premium property within the market, which typically correlates with factors like size, condition, location, and amenities.
2. The home was built in 1938. Should I be concerned about major repairs?
While the age is older than many on its street, it is around the average for the well-established North River Heights area. Homes of this vintage often possess solid construction and character. A thorough inspection is crucial to understand the condition of major systems (roof, plumbing, electrical, foundation) and any recent updates that may have been made.
3. The living area is much larger than area averages. What are the implications?
This is a key feature. It means you are getting significantly more interior space than is typical, which often translates to more bedrooms, larger living areas, or unique layouts. It also helps explain the premium valuation, as you are purchasing above-average square footage in a desirable neighbourhood.
4. How reliable are the sold price ranges shown?
The provided sold price ranges are based on publicly available data, not the MLS. The site notes the data has had limited verification. For fully verified and exact transaction history, you must request a manual lookup from the site via email, as MLS records are not displayed due to industry rules.
5. The lot size is noted as "around average." Is that a drawback?
Not necessarily. In a mature, central neighbourhood like North River Heights, lot sizes are often more consistent and modest compared to newer suburban developments. An average-sized lot here is still a good-sized urban property, and the home’s appeal is primarily driven by its substantial interior living space.