Property Overview: 572 Borebank Street, Winnipeg

Section 1: Key Characteristics & Appeal

This is a classic, well-situated one-storey home in Central River Heights, built in 1953. Its primary appeal lies in its generous 5,400 sqft lot—larger than many in the immediate area—offering valuable outdoor space in a mature, established neighbourhood. The home itself is modest in size at 986 sqft, presenting a straightforward layout that is manageable and efficient. A key feature is the renovated basement, which adds valuable finished space and modern convenience to the older structure. The property includes a detached garage.

Its value proposition is clear: it’s a land-play with a liveable home. The appeal is for the practical buyer who prioritizes location and lot size over a large interior footprint. It would suit a first-time homebuyer, a downsizer, or an investor looking for a character home in a desirable area without the premium of a fully modernized interior. The renovated basement adds immediate functionality, making it move-in ready for someone comfortable with a home of this vintage. A thoughtful perspective is that while the living area is below average for the neighbourhood, this can represent an opportunity to customize and expand over time, with the lot size already accommodating that potential.

Section 2: Frequently Asked Questions

1. Is the lot size a significant advantage?
Yes. At 5,400 sqft, the lot is above the average for both Borebank Street and Central River Heights. This provides more private outdoor space, garden potential, and future expansion options than many comparable properties.

2. What does "renovated basement" typically mean for a 1953 home?
While specifics would require a viewing, in this context it generally means the basement has been updated to create a finished, usable living space. It’s important to verify the quality of the renovation, the ceiling height, and whether any moisture-proofing or foundational updates were included.

3. How does the assessed value relate to the likely sale price?
The assessed value for taxation ($44,600) is not a market price. The last recorded sale was in April 2021 for $390,000, which is a more relevant benchmark. Market conditions and property updates since then will determine the current value.

4. Who might this home not suit?
It may not suit buyers seeking a modern, open-concept layout or significant above-grade square footage without undertaking renovations. The living area is compact, so those needing multiple large bedrooms or dedicated home office spaces may find it limiting.

5. What is the context of the 2020 sale for $28,300?
That sale price is dramatically lower than the 2021 sale and likely represents a non-arms-length transaction, such as a transfer between family members. It should not be used as a benchmark for the home’s market value.