Property Overview: 473 Spence Street, Winnipeg
Section 1: Key Characteristics & Appeal
This is a compact, historic home built in 1892, offering a unique proposition in Winnipeg’s Spence neighborhood. With 976 square feet of living space, it is notably smaller than most area homes, placing it in the top 10% smallest on its street. Its primary appeal lies in its affordability and lot size. The assessed value is significantly below city and neighborhood averages, representing a lower barrier to entry. While the house itself is modest, the 4,112 sqft lot is above average for the Spence area, offering valuable outdoor space or future potential relative to nearby properties.
This home would suit a specific buyer: a first-time purchaser, an investor, or someone seeking a minimalist footprint who values location and land over square footage. Its price point is accessible, and the larger-than-average lot for the neighborhood provides a tangible asset. It’s a property for those comfortable with a renovation-ready or character-filled older home, where the value is grounded in the land and fundamentals rather than in finished living space.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than nearby homes?
The assessed value reflects the home’s smaller size, older age, and likely its condition and features relative to comparables. It is consistent with being one of the more affordable properties in the area.
2. Is the larger lot a significant advantage?
Yes. In a central neighborhood like Spence where lots are typically smaller, having an above-average lot size is a key asset. It offers more private outdoor space and can be a factor for future expansion or landscaping, which many nearby properties cannot accommodate as easily.
3. What does the "Sold Price Range" of CA$150k–200k indicate?
This broad, estimated range suggests the home sold for a price significantly below the Winnipeg city average. For precise verification, you must request the exact sold price history via email, as per the site’s data restrictions.
4. How should I interpret the age of the home (1892)?
As one of the oldest homes on the street, it offers historic character but also implies a greater potential need for updates to major systems like wiring, plumbing, and insulation. Its age is a defining feature that requires careful inspection.
5. Are the comparisons to nearby homes useful?
Yes, they provide crucial context. You can see that while this home is smaller and valued lower than many on Spence Street, its lot size is competitive. Comparing it to nearby properties on Langside Street shows a mix of newer infill homes (with higher values) and similar older homes, helping to gauge the area’s diversity and this property’s position within it.