Property Overview: 427 Borebank Street, Winnipeg
Key Characteristics & Appeal
This home at 427 Borebank Street in North River Heights is a well-situated property with strong foundational metrics. Built in 1941, it offers 1,314 sqft of living space on a 4,800 sqft lot. The data reveals its core appeal: it is a property that outperforms many of its direct peers in key financial areas. Its assessed value of $470k ranks in the top 22% on its own street and top 25% city-wide, indicating it is viewed as an above-average asset relative to many comparable homes. While the living space is modest compared to some larger area homes, it is efficiently sized and ranks in the top 30% on Borebank Street itself.
The appeal lies in its established neighbourhood setting and its position as a value-holding property within its immediate context. It suits practical buyers who prioritize a sound investment in a mature community over brand-new construction. It would be a good fit for first-time buyers looking for a home with a strong assessed value foundation, or for downsizers seeking a manageable space in a central location without overpaying relative to the local market. A thoughtful perspective is that while the home is older than the city average, its value performance suggests the lot location and community desirability are significant compensating factors.
Frequently Asked Questions
1. How does the assessed value compare to recent sale prices?
The home sold twice in recent years (2021 and 2023), with both sale prices falling in the $450k-$500k range. The current $470k assessed value aligns closely with these past transactions, suggesting a stable and consistent market valuation.
2. Is the living space smaller than average for the area?
At 1,314 sqft, it is slightly below the North River Heights area average (~1,540 sqft) but is actually above the average for homes directly on Borebank Street (~1,211 sqft). It offers a more compact and efficient layout compared to some larger area homes.
3. What does the "below average" ranking for year built city-wide mean?
This simply indicates that, compared to all homes across Winnipeg, this 1941 build is older than most. However, within its own desirable, established neighbourhood of North River Heights, its age is very typical and around the area average.
4. How reliable is the sold price data shown?
The provided sale prices are based on publicly available data, not the MLS. The site notes the figures are reasonably reliable but for fully verified and exact transaction history, you must request a manual lookup from their team.
5. What are the implications of the lot size?
At 4,800 sqft, the lot is very standard for both the street and the North River Heights area, offering typical yard space for the community. It is, however, smaller than the wider Winnipeg average, which includes newer suburbs with larger plots.