74 Balmoral Street – Property Summary
Key Characteristics & Ideal Buyer Profile
This is a house that offers uncommon space—both inside and out—relative to most homes in Winnipeg. The living area is 2,322 square feet, placing it in the top 5% citywide, where the average is only 1,342. The lot is equally generous at 5,819 square feet, ranking in the top 11% on the street and in the neighbourhood, where average lots are under 4,000. Built in 1904, it’s one of the older homes in Winnipeg (top 1% oldest citywide), which means it comes with original character but also likely requires ongoing maintenance typical of a century home.
The assessed value is $277,000—around average for the street and neighbourhood, but below the citywide average of $390,000. This suggests you’re getting a lot of physical space for the price, relative to newer, smaller homes elsewhere. The appeal here isn’t a polished, move-in-ready package; it’s the potential to own a large, older property in a central location (West Broadway) that would be hard to replicate at this price point.
This property would suit a buyer who values square footage and land over superficial condition, and who understands the realities of a 120-year-old home. It’s less appropriate for someone seeking a low-maintenance or turnkey property, or someone prioritizing a modern layout. A renovator, an investor looking to add value, or a buyer comfortable with older homes and willing to invest in upgrades over time would feel right at home here.
Five Possible FAQs
1. Why is the assessed value so low compared to the citywide average?
The assessed value reflects both the age of the home and the neighbourhood’s market conditions. West Broadway has lower average home values than many newer suburban areas, so the assessment is consistent with local comparables. The value is tied more to land and location than to the structure itself.
2. Is the living area number accurate, and does it include a basement?
The figure of 2,322 square feet is based on municipal assessment data, which typically measures gross living area above grade. Basements are not included unless they are finished to a certain standard. If you’re considering renovation or expansion, it’s worth confirming the basement’s finished status and whether that space could add usable square footage.
3. How does a 1904 home hold up, structurally?
Old homes often have solid bones—thick timber framing, brick or stone foundations—but can also have outdated wiring, plumbing, and insulation. A thorough home inspection is essential. Look for signs of foundation settling, knob-and-tube wiring, and lead paint. The land area (5,819 sqft) is generous enough that structural issues might be addressed by additions or reconfiguration, but budget accordingly.
4. What’s the neighbourhood like in terms of walkability and amenities?
West Broadway is a central, older neighbourhood in Winnipeg with a mix of residential and commercial streets. It’s walkable to shops, restaurants, and transit, but some blocks have higher turnover and less established infrastructure than quiet suburban enclaves. It tends to attract a diverse demographic, including students, artists, and young families. If you value character and proximity to downtown, it’s a strong fit; if you prioritize quiet or new developments, it may feel less polished.
5. Is this a good investment for a rental or flip?
The low assessed value relative to citywide averages suggests upside potential, especially if the home is under-improved. The large lot and central location also add flexibility—possible subdivision, infill development, or duplex conversion (check zoning). However, renovation costs on a 1904 home can be unpredictable, and the neighbourhood’s resale values aren’t as high as in newer areas. It’s a value-add play, not a quick flip, and requires patience and local knowledge.