193 Balmoral Street – Property Summary
Key Characteristics & Buyer Profile
This is a 1902-built home with 1,999 sqft of living space on a notably large 4,931 sqft lot, located in Winnipeg’s West Broadway neighbourhood. Its main appeal is the land. The lot ranks in the top 24% on the street and top 20% in the area—significantly above local averages. This makes it an unusual find in a mature, central neighbourhood where properties with substantial outdoor space are rare.
The assessed value of $194k sits well below both the street and neighbourhood averages, and ranks in the bottom 7% citywide. That low assessment, combined with the generous lot size, suggests the property’s value is tied more to land potential than to the condition or finish of the house itself. The year built (1902) places it among older homes in the area—typical for this part of Winnipeg, but far below the citywide median of 1966.
This property would suit buyers who:
- Prioritize useable outdoor space in a central location over a modern or move-in-ready home
- Are comfortable with, or interested in, an older structure that may require updates or renovation
- See potential in a lot that stands out from others nearby, whether for expansion, development, or simply having room to garden, build a workshop, or park vehicles
- Have a realistic sense of renovation costs and don’t need a property with a high resale value in its current state
It is less suited to buyers seeking a low-maintenance, recently built home, or those requiring financing that demands a higher assessment-to-price ratio.
Five Possible FAQs
1. Why is the assessed value so low compared to the neighbourhood average?
The assessed value ranks in the bottom 13% in West Broadway and bottom 7% citywide. This likely reflects the age of the structure and possibly its condition—older homes often have lower assessments unless extensively updated. The value is in the land, not the building itself.
2. Is the home historically designated or subject to restrictions?
The year built (1902) suggests it may fall within areas where heritage or zoning considerations apply, especially in a central neighbourhood like West Broadway. This is worth verifying directly with the city or a local real estate professional, as restrictions can affect renovations or additions.
3. How does the living area compare to other homes in the area?
At 1,999 sqft, it’s slightly below the local street average of 2,079 sqft and neighbourhood average of 2,017 sqft. However, it is well above the citywide average of 1,342 sqft, placing it in the top 11% citywide for living space. So it’s a moderately sized home by local standards, but large relative to typical Winnipeg homes.
4. What’s the practical advantage of the large lot in this location?
A 4,931 sqft lot in a central neighbourhood is uncommon. It offers room for a substantial garden, off-street parking for multiple vehicles, a workshop or studio, or possibly a future infill or secondary suite (depending on zoning). Many comparable 1900s-era homes in West Broadway sit on smaller lots around 3,900 sqft, so this one stands out.
5. Should I expect major renovation work given the home’s age?
Quite likely. A 120-year-old home typically requires attention to electrical, plumbing, insulation, foundation, and roofing. The low assessed value may already factor in deferred maintenance. A thorough inspection is strongly recommended before purchase. The property is best suited to someone with renovation experience or the budget to hire qualified trades.