Property Overview: 650 Banning Street, Winnipeg

Section 1: Key Characteristics & Appeal

This one-and-a-half storey home in Daniel McIntyre presents a compelling blend of established character and practical updates. Built in 1942, it sits on a notably generous 3,290 sqft lot, which ranks in the top 5% for size on its street, offering valuable outdoor space uncommon in the area. The 1,132 sqft living area is comfortably in line with neighborhood averages, and the home benefits from a renovated basement and a detached garage.

Its primary appeal lies in its strong positioning within the immediate community. The property’s assessed value ranks well above average for both the street and the Daniel McIntyre area, suggesting it is a well-maintained or improved home in its local context. This is a home for a pragmatic buyer—perhaps a first-time homeowner, an investor, or a downsizer—who values a larger lot for gardening, pets, or future expansion over a massive interior footprint. It suits someone looking for a move-in-ready base in a mature neighborhood, where the value is driven more by the land and location than by sheer square footage.

Section 2: Frequently Asked Questions

1. How does the sale price compare to the assessed value?
The home sold for $30,500 in June 2024, which is approximately 12% above its $27,300 assessed value. This indicates the market valued it higher than its official assessment at the time of sale.

2. Is the lot size a significant advantage?
Yes, particularly for the neighborhood. The lot is over 300 sqft larger than the street average and ranks in the elite tier (top 5%) on Banning Street. This provides more private outdoor space than most nearby properties.

3. The home is older than the city-wide average. Should I be concerned?
While older than the Winnipeg average, the home is actually newer than most on its street and in Daniel McIntyre, ranking in the top 15% locally. This suggests the area is filled with character homes, and this one is relatively younger among them. A thorough inspection is always recommended.

4. What does the "above average" assessed value ranking mean for taxes?
A higher assessed value relative to neighbors typically results in higher property taxes. However, it also strongly indicates that the property is considered one of the more valuable homes in its immediate area, which can be positive for equity.

5. How does this home fit into the broader Winnipeg market?
City-wide metrics show its living area and lot size are below average, while its assessed value is significantly lower than the city average. This highlights that it represents a different market segment—offering affordability and value within a specific, established inner-city community rather than competing with newer suburban homes.