242 Spence Street – Property Summary
Key Characteristics & Buyer Profile
This is a 1902-built home with 1,858 sq ft of living space and a 4,481 sq ft lot, located on Spence Street in Winnipeg’s West Broadway neighbourhood. The property sits close to street and community averages in most metrics, but stands out when compared citywide: its living area ranks in the top 15% across Winnipeg, while its assessed value (for tax purposes) is notably lower than the city average—landing in the bottom 20%. That gap between size and valuation is the central appeal. The lot is slightly larger than both the street and community medians, though smaller than the citywide average for single-family homes. Construction year is typical for the area (older stock) and in the bottom 1% citywide.
The property suits buyers who value interior space over a new build or a prime location premium. It would be a strong candidate for someone looking for a large floor plan in a central neighbourhood without paying the city’s median price. Investors or owner-occupants comfortable with an older home—and the maintenance that comes with it—will find the most value here. The combination of above-average living area and below-average assessed value suggests potential for long-term equity growth, especially if the neighbourhood sees upward pressure on valuations.
Frequently Asked Questions
1. How does the property’s assessed value compare to similar homes in the area?
The assessed value ($257,000) is close to the street average ($247,000) and slightly below the community average ($295,000). Citywide, it’s well below the $390,000 median, which is unusual for a home of this size.
2. Is the lot size considered large for the neighbourhood?
Yes, but only modestly. The lot is 4,481 sq ft, ranking in the top third on the street and in the community. It is smaller than the typical Winnipeg single-family lot (6,570 sq ft), which reflects the older, more central location.
3. What should buyers expect from a home built in 1902?
Older construction often means solid materials, but systems (plumbing, electrical, insulation) may need updating. The home’s age is typical for Spence Street and West Broadway, so comparable properties in the area will have similar considerations.
4. How does this property rank against others in West Broadway?
It falls near the middle for most categories: living area (top 61%), assessed value (top 63%), lot size (top 31%), and build year (top 65%). It doesn’t lead the neighbourhood in any single metric, but offers a balanced profile.
5. Who would benefit most from buying this home?
Buyers who prioritize square footage and a central location over a low-maintenance or recently built home. The low assessed value relative to size makes it appealing for those seeking value in an older, established area.