298 Milton Street – Property Summary
Key Characteristics & Who It Suits
This is a compact, older home in Winnipeg’s Weston neighbourhood, built in 1905. It offers 648 square feet of living space on a 2,588 sqft lot, with an assessed value of $190,000. The property’s strongest selling point is its assessed value relative to the street: it ranks 3rd out of 16 homes, meaning it carries above-average value for this immediate block. City-wide, however, the value is far below average—reflecting both the age and size of the home, but also putting it in a more affordable bracket compared to most of Winnipeg.
The appeal here is practicality, not polish. This is not a home for someone seeking modern square footage or a large yard. It suits a buyer who sees value in a small, older property that’s already benchmarked well against its neighbours. The below-average living area and land size (bottom of the street for both) mean the home is likely a starter, a downsizer’s opportunity, or a candidate for renovation. The Weston area average for assessed value ($184.7k) is close to this property’s mark, suggesting the neighbourhood holds its own for price stability relative to size. For a buyer who wants to own in Winnipeg without stretching into the city-wide median of $390k, this fits a budget-conscious niche—provided they’re comfortable with a property that’s older than 95% of homes city-wide.
Five Possible FAQs
1. Why is the assessed value high for the street but low for the city?
The home is one of the more valuable properties on Milton Street, where the average assessment is $175.5k, so $190k stands out locally. But city-wide, Winnipeg’s median is $390k, driven by larger, newer homes in other areas. The property’s value is competitive within its immediate context but not by broader metro standards.
2. How does the age of the home affect maintenance expectations?
Built in 1905, this home is older than 98% of comparable properties city-wide. While older homes often have solid construction, systems like wiring, plumbing, and insulation may be original or outdated. A thorough inspection is essential, and buyers should budget for upgrades that newer homes wouldn’t require.
3. Is the small living area a dealbreaker for financing or resale?
At 648 sqft, it’s below the city-wide average of 1,342 sqft. This can limit financing options with some lenders, especially if the home is appraised below the sale price. Resale may also take longer if buyers in the area prioritize space. However, small homes in established neighbourhoods often appeal to investors or minimalists.
4. What’s the land like, and can it be expanded?
The lot is 2,588 sqft, smaller than the street average of 2,935 sqft and well under the city average of 6,570 sqft. It’s unlikely to allow for major additions without a variance. Buyers should check zoning rules in Weston before planning any expansion, as the lot’s size and shape may limit what’s possible.
5. How does this property compare to others in the neighbourhood?
In Weston, this home ranks around the middle for assessed value (top 39%) but near the bottom for age and living area. It’s a typical older, smaller home for the area, not an outlier. Neighbourhood averages are $184.7k in value and 936 sqft in living area, so this property is slightly above in value and below in size—meaning you may be paying a bit more per square foot than the local norm, but for a home that’s already valued well on its street.