114 Spence Street – Property Summary
Key Characteristics & Buyer Profile
This is a 2,399 sqft home built in 1902 on a 4,022 sqft lot in the West Broadway area of Winnipeg. What stands out most is the living space: it ranks in the top 13% on its street, top 21% in the neighbourhood, and the top 4% citywide among comparable homes. That’s unusually generous square footage for the area, especially given the citywide average for similar properties is only 1,342 sqft.
The assessed value is $247k—roughly average for Spence Street but noticeably below the neighbourhood average of $295.4k and well below the citywide comparable average of $390.1k. The lot size is also modest compared to citywide norms, but it holds its own within the immediate area.
The year built (1902) puts it among older homes in the city—top 99% citywide for age—which means it’s likely a character property with period details, but also potential for maintenance or updating. The assessment suggests the market hasn’t priced it as a premium property despite the large interior, which could point to condition, layout, or location factors that a buyer would want to investigate in person.
This property would suit someone who values interior space over land, isn’t put off by an older home’s quirks, and is comfortable with a price point that sits below both the neighbourhood and city medians. It could work well for a buyer looking for a larger-than-average floor plan in a central urban area without paying a premium for lot size or a fully renovated finish. Investors or first-time buyers who don’t mind some sweat equity might also find it interesting, especially given the gap between the square footage and the assessed value.
Five Possible FAQs
1. How does the square footage compare to other homes in the area?
It’s significantly larger than average. On Spence Street, the average living area for comparable homes is 1,925 sqft—this property is about 25% bigger. Citywide, it’s in the top 4%, which means very few similar homes in Winnipeg offer this much interior space at a comparable price point.
2. Why is the assessed value relatively low despite the large floor plan?
Assessed value takes into account more than just square footage—factors like age, condition, location, and recent sales of comparable properties all play a role. At $247k, the assessment is on par with other homes on Spence Street but well below the West Broadway average ($295.4k) and the citywide comparable average ($390.1k). This could reflect the home’s age (1902), potential deferred maintenance, or a less trendy stretch of the neighbourhood.
3. Is the lot size a concern?
The lot is 4,022 sqft, which is typical for the street and slightly above the neighbourhood average. However, citywide, it ranks in the bottom 26%—many Winnipeg homes sit on larger parcels. If you’re looking for a big yard or room to expand, this may feel tight. If you prioritize interior living space and walkability, it’s less of an issue.
4. What should a buyer expect from a home built in 1902?
Older homes often have solid construction and character features like high ceilings, original woodwork, or plaster walls. But they can also come with outdated electrical, plumbing, insulation, and foundation concerns. It’s worth getting a thorough inspection, especially for knob-and-tube wiring, lead pipes, and any signs of settling. The fact that it ranks near the top for age citywide means you’re buying into an established neighbourhood, not a newer subdivision.
5. How does this property compare to others currently on the market nearby?
You’d want to check active listings directly, but based on the data here, this property offers more interior space than most comparables at a price point that’s below the neighbourhood average. That could mean it’s undervalued—or it could mean there are trade-offs in condition or location within West Broadway. A side-by-side map comparison of nearby homes (available via the neighbourhood analysis page) would help clarify whether the value gap is real or reflects specific shortcomings.