Property Overview: 357 Borebank Street, North River Heights, Winnipeg

Key Characteristics & Appeal

This is a well-established, compact home on a standard-sized lot in the desirable North River Heights neighborhood. Built in 1939, the 972 sqft house is notably smaller than most in the area, ranking in the bottom 26% for living space on its own street. This creates a specific dynamic: the property’s value lies more in its location and land than in its interior square footage. With an assessed value of $424k, it sits around the average for its street but below the average for North River Heights as a whole, suggesting the price reflects the home’s modest size within a premium area.

Its primary appeal is as an entry point into a sought-after community. It suits first-time buyers or downsizers who prioritize neighborhood character—mature streets, central location—over a large living area. The nearly 4,800 sqft lot is typical for the area and offers potential for expansion or garden space, a key asset. Recent sales data indicates strong demand, with the home selling in 2022 and again in 2024 within a consistent price band, each time achieving a sale price that ranked in the top 20-30% of comparable sales citywide. This points to a property that holds its value well due to its location, despite its smaller stature.

Frequently Asked Questions

1. Is the house too small for a growing family?
Given its below-average living area, it would likely feel cramped for a family needing multiple bedrooms and dedicated living spaces. It is better suited for individuals, couples, or those with very young children.

2. Why is the assessed value lower than the North River Heights average?
The assessment closely aligns with the average value on Borebank Street itself. The lower figure relative to the wider neighborhood average is primarily due to the home's significantly smaller size compared to other area homes.

3. What does the strong historical sale ranking mean?
The home sold in 2022 and 2024 at prices that outperformed the majority of city-wide sales in those periods. This consistently high ranking suggests the market strongly values the combination of its location, lot, and condition, even with less interior space.

4. Are major renovations or an addition feasible?
The typical lot size for the area and this specific parcel (4,800 sqft) does allow for potential expansion, subject to zoning bylaws. A buyer should budget and plan for modernization, as a home of this age may require updates to mechanical systems.

5. How does this home’s value compare to nearby properties?
On its own street, its assessed value is almost exactly at the average. In the immediate vicinity, similar-sized homes on Campbell Street have lower assessments, while neighboring homes on Borebank Street are very comparable, indicating this property is priced consistently within its specific micro-area.