Property Overview: 256 Waterloo Street, Winnipeg

Key Characteristics & Appeal

This home on Waterloo Street in North River Heights is defined by its above-average scale and value within a well-established neighbourhood. Built in 1926, it is a century-old character home, which is older than most on its street and in the wider city. Its primary appeal lies in its generous 1,890 sqft of living space, which places it comfortably in the top quarter of homes locally and citywide. This is complemented by a solid assessed value of $650,000, ranking it in the top 5% of all Winnipeg homes, indicating a premium valuation.

The property suits buyers seeking a spacious, classic home in a mature neighbourhood, likely with the character and renovation history that justifies its high assessment. It’s ideal for those who prioritize interior space over a vast yard, as the 4,821 sqft lot is modest for the street but average for the area. The recent sale in late 2023 for an estimated $700k-$750k suggests strong market confidence. This home would particularly resonate with buyers who appreciate established communities and are less concerned with a newer build date, understanding that a well-maintained or updated older home can offer both charm and substantial equity.

Frequently Asked Questions

1. How does the home’s age impact its value and condition?
Being built in 1926 means the home likely has classic architectural details but may also require attention to older components like wiring, plumbing, or windows. Its high assessed and recent sale value suggest it has been substantially updated or is in exceptional original condition.

2. Is the lot size a disadvantage?
While the lot is smaller than the average on Waterloo Street, it is typical for North River Heights overall. This could mean lower maintenance and a more manageable yard, which some buyers prefer, but may limit expansion or pool installation possibilities.

3. Why is the assessed value so high compared to city and area averages?
The assessment places it in an elite tier citywide (top 5%). This typically reflects not just size and location, but also material finishes, renovations, and the premium that desirable, established neighbourhoods like North River Heights command.

4. What does the recent sale price tell us?
The home sold for significantly above its assessed value in late 2023, indicating a competitive purchase in a strong market. It shows buyers were willing to pay a premium, which could point to exceptional features or updates not fully captured in the assessment metrics.

5. Who are the most likely neighbours or comparable properties?
The listing shows nearby homes are of similar vintage, with a mix of assessed values. One reference property at 182 Queenston Street is a much newer (2018), larger, and higher-valued home, highlighting the diversity in the area from renovated classics to modern builds.