1-239 Spence Street – Property Summary
Key Characteristics & Buyer Profile
This 1,552 sqft home on Spence Street in Winnipeg’s West Broadway neighborhood was built in 1902. Its living area is below average for both the street and the neighborhood, but sits above the citywide average—meaning it’s compact by local standards but still roomier than many homes across Winnipeg. The assessed value of $306k falls above the street average ($247.5k), around the neighborhood average ($295.4k), and below the citywide average ($390.1k). The land is small: 2,992 sqft, ranking in the bottom 20% on the street and bottom 16% in the area.
The home’s appeal lies in its relative affordability compared to newer, larger properties citywide, while still offering a decent interior footprint. It sits on a modest lot, which may suit buyers looking for lower maintenance outdoor space or a tighter urban footprint. The older construction year (1902) places it among the oldest homes citywide, which could attract buyers interested in character, historical detail, or renovation potential—but also means systems and structure should be carefully reviewed.
This property best suits buyers who prioritize location and value over square footage or land size. It could work well for someone wanting to enter the West Broadway market without paying a premium for a larger lot, or for an investor or renovator comfortable with an older home in a dense, central neighborhood. Buyers expecting a spacious or private yard will likely find the lot too small.
Frequently Asked Questions
1. How does this property compare to similar homes in West Broadway?
It’s on the smaller side for both living area and land, but its assessed value is near the neighborhood average. That suggests the price reflects the home’s features relative to nearby properties—neither a standout bargain nor overpriced.
2. Is the 1902 construction a concern?
Not necessarily, but it depends on how well the home has been maintained. Many homes of this vintage in the area have updated electrical, plumbing, and insulation. You’ll want a thorough inspection focused on the foundation, roof, and older mechanicals.
3. Why is the assessed value higher than the street average but lower than the city average?
The street average is pulled down by a number of lower-valued homes, so $306k sits above that. Citywide, newer and larger homes push the average higher, so this property falls below. It’s a typical pattern for older urban infill homes.
4. How much yard space should I expect?
The lot is 2,992 sqft—smaller than most on the street and in the neighborhood. If you’re looking for a garden, room for kids to play, or off-street parking, you may find it tight. It’s more suited to low-maintenance outdoor living or a compact patio setup.
5. Is this property a good investment for rental or resale?
West Broadway is a dense, central area with steady demand from renters and buyers seeking affordable entry points. The small lot and older age may limit appreciation compared to homes with larger land or newer builds, but the below-city-average price and central location could support consistent rental income or modest long-term value growth.