Property Overview: 495 Borebank Street, Winnipeg

Key Characteristics & Appeal

This home at 495 Borebank Street in North River Heights is a standout property defined by its substantial scale and premium valuation. Built in 1947, it is a character home typical of the area, but its key appeal lies in its generous proportions. With 1,716 sqft of living space, it ranks in the top 6% of homes on its street for size, offering more room than most in the immediate vicinity. Its most notable feature is the large 6,598 sqft lot, placing it in the top 7% on Borebank Street, which provides significant outdoor space and potential in a mature neighbourhood.

The property’s assessed value of $659,000 is categorised as "Elite," ranking in the top 4% on its street and top 5% citywide. This premium valuation reflects its combination of above-average living area, a very large lot, and its location in desirable North River Heights. It last sold in July 2022 for an estimated $750k-$800k, a price point that confirms its high-market position.

This home would best suit buyers looking for a established character home with room to grow or garden, who value space over new construction. It appeals to those seeking a long-term family home in a prime neighbourhood and who are comfortable with a property whose value is significantly above local and city averages, indicating a premium investment. It’s less suited for buyers seeking a modern, low-maintenance property or a budget-conscious entry into the area.

Frequently Asked Questions

1. Why is the assessed value so much higher than neighbouring homes?
The assessed value reflects the property's specific advantages: a living area significantly larger than most on the street and an exceptionally large lot. These physical attributes, combined with the overall desirability of North River Heights, place it in a premium tier compared to nearby, smaller properties.

2. What should I consider about a home built in 1947?
While the build year is typical for the neighbourhood, a home of this age will likely have undergone updates. A thorough inspection is essential to understand the condition of major systems like plumbing, electrical, and the roof, and to budget for any modernizations or maintenance required.

3. How does the lot size benefit a buyer?
The lot is over 6,500 sqft, which is substantially larger than the average lot in North River Heights. This allows for greater privacy, expansive landscaping or gardening opportunities, and potential for future additions like a deck, garage, or even an extension, subject to local zoning.

4. The home sold recently in 2022. What does that mean?
The relatively recent sale suggests the current market price will be closely influenced by that previous transaction. It provides a solid, recent benchmark for value, but it also means any potential price growth will be based on changes since mid-2022.

5. How do the "top percentile" rankings help me understand this property?
These rankings contextualize the home against its immediate peers. They clearly show this isn't an average property; it ranks in the top tiers for its key metrics (value, lot size) on its street, indicating it is a leading home in that specific location, which often correlates with stronger value retention.