486 Borebank Street

Property Overview: 486 Borebank Street, Winnipeg

Section 1: Key Characteristics & Appeal

This 1946 home in North River Heights presents a practical opportunity in a well-regarded neighbourhood. Its key characteristic is value: with an assessed value of $371,000, it sits below the average for both its street and the broader North River Heights area, while being close to the city-wide average. This suggests a potentially more accessible entry point into this mature, established community.

The home’s living space of 936 sq ft is compact, placing it below average for size in all comparison categories. This indicates a home suited for efficient living rather than spaciousness. Conversely, the lot size of approximately 5,400 sq ft is a standout feature, ranking above average for the neighbourhood. This offers valuable outdoor space—a relative rarity—that provides room for gardening, play, or future expansion.

The appeal lies in this balance of a desirable location, a generous lot, and a value-oriented price for the area. It suits first-time buyers seeking a foothold in a prime neighbourhood, downsizers looking to maintain a garden without a large house to maintain, or value-conscious investors or renovators who see potential in the land and are comfortable with a home of a smaller, classic footprint. A thoughtful perspective is that while the house itself is modest compared to neighbours, the land ownership in such an area offers long-term stability and the option to tailor the property to one's needs over time.

Section 2: Frequently Asked Questions

1. Is this a good value for North River Heights?
Based on the assessed value data, this property is priced below the neighbourhood average, which can represent a value opportunity for gaining entry into the area. However, the living space is also smaller than typical, so value should be considered in terms of price per square foot and the utility of the larger lot.

2. What does the sold price history from 2019 indicate?
The property last sold between $250,000-$300,000 in late 2019. This historical data provides a benchmark, but market conditions have likely changed since then. The current assessed value of $371k reflects a more recent municipal valuation.

3. How does the lot size compare to nearby properties?
The lot is a significant feature, as it is larger than about 75% of lots in North River Heights. This above-average outdoor space is a key asset, especially in a mature neighbourhood where larger lots are less common.

4. What should I consider about the home’s age and size?
Built in 1946, the home is typical for the area but will likely have the maintenance considerations of an 80-year-old property. The living area is compact, so layout efficiency and potential for updates or an addition (subject to permits) are important factors to evaluate based on your space needs.

5. How can I get more precise historical sale data?
The provided sold price is an estimated range from public records. For fully verified and exact transaction history, you would need to contact the site directly for a manual lookup, as this information is not sourced from the MLS system.