Property Overview: 789 Spruce Street, Winnipeg

Section 1: Key Characteristics & Appeal

This home at 789 Spruce Street in the Minto neighbourhood presents a distinct profile defined by its contrasts. Built in 1914, it is a mature property with a living area of 1,185 sq ft, which is notably spacious compared to other homes on its street. This offers more interior room than many immediate neighbours, a key advantage for buyers seeking character-home charm without feeling cramped.

The appeal lies in its value proposition and potential. The assessed value is significantly below averages for the street, neighbourhood, and city, which typically suggests a lower property tax burden. This, combined with its above-average interior space for the street, creates an opportunity for buyers comfortable with a home of this vintage. The lot size is compact, which translates to lower maintenance but less private outdoor space.

This property would best suit a practical buyer or investor who values interior square footage over land size and is prepared for the realities and potential upkeep of a 112-year-old home. It’s a candidate for someone looking for a footprint with good bones in a central location, where the value is in the livable space and the long-term tax advantage, not in a large yard.

Section 2: Frequently Asked Questions

1. Why is the assessed value so much lower than the city-wide average?
Assessed value is used for calculating property taxes and is not the same as market value. A low assessment often correlates with lower annual taxes, which can be a long-term financial benefit, though it may also reflect the home’s age, condition, or specific attributes.

2. The home is older than most on the street. What should I consider?
A 1914-built home offers character but requires diligent inspection. Focus on the foundation, roof, wiring, plumbing, and insulation. Budgeting for ongoing maintenance and potential updates is essential, though the older construction may also mean higher-quality materials no longer common today.

3. The living area is large for the street, but the lot is small. What’s the trade-off?
You gain more interior space, which is valuable in our climate, but have less yard for gardening, expansion, or private outdoor living. This is ideal for those who prioritize indoor living and want minimal yard upkeep.

4. The home sold in 2016 and 2019 within the same price range. What does that indicate?
This price stability over three years could suggest a steady market perception of the home’s value at that time. It underscores the importance of a current market evaluation and a thorough inspection to understand what condition the property is in today.

5. How do the “top percentile” rankings work for this property?
These rankings compare this home against groups of similar properties. For example, its living area is in the top 23% on its own street (larger than 77% of neighbours), while its lot size is in the bottom 9% on the same street (smaller than 91% of neighbours). This highlights its defining characteristic: a spacious interior on a compact lot.