122 Spence Street – Property Summary

Key Characteristics & Buyer Profile

This is a 2,196 sqft home on a 3,278 sqft lot, built in 1906. The property ranks in the top 7% city-wide for living area—significantly larger than Winnipeg's typical comparable home. The assessed value sits at $267,000, which is roughly average for its street but well below the city-wide average for comparable properties.

The appeal here is straightforward: you get a lot of interior space for the money. The living area is generous relative to its assessed value, and the year built places it among older, established homes in the West Broadway area. At the same time, the lot is smaller than both its street and neighbourhood averages, and the property ranks in the bottom quartile city-wide for land size. This isn't a house for someone looking for a big yard or a newer build. It suits a buyer who values interior square footage, wants to be in a central Winnipeg neighbourhood with character, and doesn't mind a compact lot or an older home that may need attention.

Five Possible FAQs

1. How does the assessed value compare to similar homes nearby?
The assessed value is $267,000—roughly average for Spence Street (top 36%), but below the West Broadway neighbourhood average of $295,400. City-wide, the property sits in the bottom 21% by value, which partly reflects its smaller lot and older construction.

2. Is the land size unusually small?
Yes, relative to the averages. The lot is 3,278 sqft, while the average on the street is nearly 4,000 sqft. City-wide, it's well below the typical comparable lot of 6,570 sqft. Buyers should expect less outdoor space than many other Winnipeg properties.

3. What does the year built mean in practical terms?
The house was built in 1906, making it older than 98% of comparable homes city-wide. Within West Broadway, it's actually slightly newer than the neighbourhood average (1910). Older construction often means solid materials and character details, but buyers should budget for updates to electrical, plumbing, insulation, and any original systems.

4. How does this property rank within West Broadway compared to other homes?
In West Broadway, the property ranks in the top 34% for living area, top 43% for assessed value (top 57% meaning it's slightly below the neighbourhood midpoint), top 20% for age, and top 56% for land size. It's a relatively spacious home for the area, but not an outlier in value or lot dimension.

5. Who typically buys a home like this?
Someone who prioritizes interior space over land, values an older character home in a central neighbourhood, and isn't deterred by the likelihood of maintenance and updates. It's less suited for families wanting a large yard, first-time buyers looking for move-in ready finishes, or investors seeking a high appraisal relative to purchase price.