Property Overview: 331 Balfour Avenue, Riverview, Winnipeg

Key Characteristics & Appeal

This home on Balfour Avenue presents a compelling mix of established character and above-average substance. Built in 1913, it is notably older than most homes in Riverview and Winnipeg, suggesting a classic architectural foundation. Its primary appeal lies in its generous scale: with 1,878 sqft of living area, it ranks in the top 11-14% compared to homes on its street, in the neighborhood, and citywide. This is complemented by a sizable 6,398 sqft lot, which is above average for the Riverview area, offering ample outdoor space.

The property’s assessed value of $539k is significantly above local and city averages, placing it in the top 10% on its street. This indicates a premium valuation, likely reflecting its larger footprint, lot size, and the established nature of the location. The home last sold in 2019 for an estimated $450k-$500k.

This property would best suit buyers looking for a home with more space—both indoors and out—in a mature neighborhood, who appreciate the character of an older home and are prepared for its potential maintenance considerations. It’s a solid choice for those prioritizing room over newness and who see value in a lot size that is becoming rarer in city neighborhoods.

Frequently Asked Questions

1. What does the older year built (1913) practically mean for a buyer?
While offering classic charm, it typically implies potential for older infrastructure (like plumbing, wiring, or foundation) that may need updating or inspection. It also means the home has stood the test of time in a desirable location.

2. The assessed value is much higher than nearby homes. Does that mean the taxes are proportionally higher?
Generally, yes. Property taxes are calculated using the assessed value, so a higher assessment usually results in a higher tax bill compared to neighboring properties with lower assessments.

3. How does the lot size compare to newer subdivisions?
At over 6,300 sqft, this lot is substantially larger than the standard lots found in many modern suburban developments, offering more privacy and yard space.

4. The home sold in 2019. Is the previous sale price a reliable indicator of current value?
Not directly. The 2019 sale price provides historical context, but market conditions, interest rates, and property improvements since then have likely shifted its value. The current assessed value is a more recent benchmark, though market sale price is determined by current buyer demand.

5. The living area is above average, but the home is older. Is the layout likely to be traditional?
Most likely. Homes from this era often feature defined rooms, possibly smaller closets, and a layout that differs from modern open-concept designs. This can appeal to those who prefer distinct living spaces but may require consideration for furniture placement and flow.