114 Borebank Street – Property Summary
Key Characteristics & Buyer Profile
This is a 1920-built home with 1,028 square feet of living space on a 3,597-square-foot lot. Compared to others on Borebank Street, the living area and assessed value are both close to average, while the lot is smaller than most and the building is older. Against the broader Wellington Crescent neighbourhood—where the average home is nearly 2,400 square feet on a lot close to 10,000 square feet—this property is distinctly smaller in both footprint and land. Citywide, it sits slightly below average in size and age, but its assessed value (around $388,000) is very close to the Winnipeg median.
The appeal here is less about standout features and more about affordability and location context. For a home in an upscale neighbourhood like Wellington Crescent, the price point is notably accessible. That said, buyers should be aware that the small lot and older construction are real trade-offs—not hidden ones, but ones that could affect resale or renovation options. This property would suit someone who values being in a desirable area over having a large home or yard. It may also appeal to first-time buyers looking for a smaller, lower-cost entry into a neighbourhood where most homes are significantly pricier. Investors might see potential in the land value relative to the neighbourhood, but the small lot limits redevelopment possibilities.
Five Frequently Asked Questions
1. How does the property's smaller lot affect its value?
The lot is below average for the street, neighbourhood, and city. While this keeps the purchase price lower, it also means less outdoor space and fewer options for major additions or redevelopment. In a neighbourhood where large lots are the norm, this could limit future resale appeal to buyers who specifically want a lower-maintenance yard.
2. Is the home's age a concern?
Built in 1920, the house is older than most on its street and the city average. While older homes can have character and solid construction, buyers should budget for potential updates to systems like plumbing, electrical, insulation, and roofing. A thorough inspection is recommended, especially for a home of this vintage.
3. Why is the assessed value relatively low for the neighbourhood?
The assessed value reflects the combination of smaller living area, smaller lot, and older age compared to neighbouring properties. In Wellington Crescent, many homes are much larger and sit on expansive lots, which pushes the average assessment significantly higher. This property's value is much closer to the Winnipeg average than the local average.
4. How does the living space compare to similar homes on the street?
At 1,028 square feet, it's slightly below the street average of about 1,211 square feet, but not dramatically so. On Borebank Street, it falls near the middle of the pack. The bigger gap is with the neighbourhood average, where homes are more than double this size.
5. What type of buyer typically looks at a property like this?
Buyers who want to live in the Wellington Crescent area but can't afford a larger, more expensive home. It could also work for someone downsizing who wants to stay in the neighbourhood, or for a buyer who prioritizes location over square footage. It's less suited for families needing multiple bedrooms or large indoor/outdoor spaces.