Property Overview: 297 Borebank Street, Winnipeg

Key Characteristics & Appeal

This home at 297 Borebank Street in North River Heights presents a compelling mix of established character and above-average valuation. Built in 1930, it is one of the older homes on its street, offering the classic charm and potential architectural details of its era. With 1,320 sqft of living space, it is comfortably sized, offering more room than the average home on Borebank Street while being slightly more compact than the broader neighbourhood average—a practical scale for efficient living.

The property’s primary appeal lies in its strong assessed value of $506,000, which places it consistently in the top tiers for its street, neighbourhood, and city-wide. This suggests a perception of solid worth and a potentially desirable location. The lot, at 4,561 sqft, is slightly smaller than others on the street but is typical for North River Heights. This combination indicates a home that may have been well-maintained or updated, contributing to its premium assessment. It last sold in May 2022 for an estimated $550,000-$600,000.

This property would suit buyers looking for a home with established roots in a sought-after neighbourhood, who appreciate a balance of character and modern valuation. It’s ideal for those who prefer a manageable lot size and a home that stands out in terms of assessed worth compared to its immediate peers, potentially indicating a sound investment in a stable area.

Frequently Asked Questions

1. Why is the assessed value so much higher than the street and city averages?
A higher-than-average assessed value can be influenced by significant updates, additions, or premium finishes within the home, as well as its specific location on the street. It suggests the municipal assessment views the property as above the norm in its peer group.

2. What are the considerations with a home built in 1930?
While offering character, a home of this age may have older infrastructure, such as plumbing, electrical, or insulation, that could require inspection or updating. However, many homes of this vintage in North River Heights have been thoughtfully maintained or renovated over the years.

3. The lot is smaller than others on the street. How much of a limitation is this?
At 4,561 sqft, the lot is still a generous size for city living and is typical for the wider neighbourhood. It provides ample space for a garden and outdoor living while potentially requiring less maintenance than larger lots on the street.

4. How does the last sold price (2022) relate to its current value?
The 2022 sale price gives a historical benchmark, but current market conditions, any changes made to the property since then, and updated assessments will determine its present market value. The high assessed value indicates its official valuation has remained strong.

5. What is the neighbourhood of North River Heights like?
North River Heights is a mature, established neighbourhood known for its tree-lined streets, mix of architectural styles, and convenient access to amenities, parks, and major routes. It is consistently popular for its community feel and central location in Winnipeg.