Property Overview: 1007 Banning Street, Winnipeg

Key Characteristics & Appeal

This is a compact, one-storey home built in 1922, situated on a standard-sized lot in the Daniel McIntyre neighbourhood. Its primary appeal lies in its efficiency and renovated basement, offering a low-maintenance footprint with updated living space. At 768 sqft, the living area is notably smaller than most comparable homes in the area and city-wide, which positions this property as an affordable entry point into the market.

The home’s assessed value is modest and aligns with averages for its immediate street and neighbourhood, suggesting a fairly priced offering in a central location. A thoughtful perspective for buyers is the home’s age: while 104 years old, it ranks as “newer” than many peers on its street and in Daniel McIntyre, indicating it sits in a pocket of relatively younger, possibly well-maintained, historic homes. The renovated basement adds functional space, compensating for the smaller main floor.

This property would best suit first-time buyers, downsizers, or investors seeking a character home with a manageable scale and lower property tax burden. Its value is in its location and practicality, not in size or luxury amenities.

Frequently Asked Questions

1. How does the smaller living area impact value and livability?
While the home is significantly smaller than area averages, this is reflected in its price and assessment, making it an accessible option. The renovated basement effectively expands the usable space, making it practical for individuals, couples, or small families who prioritize location over square footage.

2. What does the “above average” year built ranking mean for a 104-year-old home?
This indicates that, surprisingly, many homes on Banning Street and in this part of Daniel McIntyre are even older. It suggests the neighbourhood has a strong historic character and that this home might be in a slightly more modern cohort within that context, potentially with updates or infrastructure from a later era.

3. Is the assessed value a reliable indicator of the likely sale price?
The assessed value ($21,800) is for municipal tax purposes. The last recorded sale was in 2017 for $19,900. Given market changes, the sale price will be determined by current conditions. The assessment suggests it is not overvalued relative to its immediate neighbours, providing a stable baseline.

4. What are the implications of having no garage?
This is common for homes of this era and in central neighbourhoods. Buyers should plan for street parking and consider the cost and feasibility of adding an off-street parking pad if desired, subject to city bylaws.

5. Who might this property not suit?
It is not ideal for those needing multiple bedrooms, dedicated home office space, or extensive storage. The smaller layout requires efficient use of space. Buyers looking for a large yard, modern open-concept living, or who have a growing family will likely find it too compact.