Property Summary: 466 Borebank Street, Winnipeg
Key Characteristics & Appeal
This is a compact, 847 sqft home built in 1946 on a 4,799 sqft lot in North River Heights. The data reveals a property of contrasts: its living space is notably smaller than most homes on its street, in the neighbourhood, and across Winnipeg. However, its assessed value of $381,000 is much more aligned with city-wide averages, suggesting value is derived from factors beyond square footage.
The primary appeal lies in its location within a desirable, established neighbourhood, offering a relatively accessible price point for the area. It represents an opportunity to own a character home in River Heights without the premium typically attached to larger properties in the zone. This home would suit first-time buyers seeking entry into a top neighbourhood, downsizers looking to maintain a community connection with less space to maintain, or value-oriented investors attracted by the land value and location. A thoughtful perspective is that its smaller size and average city-wide assessment could indicate a property where future value growth is more tied to the land and location than to the existing structure, potentially appealing to those with long-term renovation or redevelopment visions.
Frequently Asked Questions
1. Is the assessed value a reliable indicator of the likely selling price?
The assessed value of $381k is close to the city-wide average for comparable homes. Recent sold price data for this property shows it transacted within the $400k-$450k range in 2022, which is a more current market benchmark to consider alongside the assessment.
2. How does the smaller living area impact value?
The home's living area is in the bottom 10-15% for its street and neighbourhood. This significantly influences its pricing, making it more affordable than larger homes in North River Heights. It’s a trade-off: you gain location and potential lot value but with less interior space.
3. What does the "above average" year built ranking for the neighbourhood mean?
In North River Heights, where many homes are older, being built in 1946 is actually "newer" than about 80% of comparable homes. This is a relative positive, potentially indicating slightly newer construction materials or systems compared to many neighbours, though the home is still 80 years old.
4. Are property taxes likely to be lower here?
Potentially, yes. Since property taxes are based on the assessed value, and this home's assessment is below the neighbourhood average, the tax bill should reflect that. However, always verify with the latest municipal tax rates.
5. Where can I get the exact historical sold prices for this home?
The site provides sold price ranges for transparency. Due to industry regulations, exact MLS sold figures cannot be displayed publicly. You can request the exact transaction history by email through the site’s provided form, and they will manually send you the verified figures.