148 Spence Street – Property Summary

Key Characteristics & Buyer Profile

This is a 1904-built home with 1,692 sq ft of living space on a 4,020 sq ft lot. Compared to other properties in Winnipeg, the living space is above average (top 21% city-wide), though it sits slightly below the average for its immediate West Broadway neighbourhood. The assessed value of $353,000 is notably above both the street and community averages—ranking in the top 10% on Spence Street and top 21% in West Broadway—but sits close to the city-wide median. The lot size is typical for the area but smaller than the Winnipeg average.

The appeal here is less about standout square footage or land and more about value relative to the immediate context. The property offers more interior space than most homes city-wide, but in its own neighbourhood, it’s not oversized—meaning you’re likely getting a reasonable amount of house for the assessed price compared to pricier nearby options. The age (1904) places it among older homes in the city, but within its street and community, it’s in line with the typical vintage, so there’s no outlier status in terms of maintenance expectations.

This property would suit a buyer who values being in a central, established neighbourhood like West Broadway and is comfortable with an older home that doesn’t demand a premium for novelty. It’s not for someone seeking a large yard or a newly built house, but rather for a buyer who wants solid interior space in a walkable, older urban area without paying top dollar for the street’s most expensive homes.

Frequently Asked Questions

1. How does the property compare to others on Spence Street specifically?
On Spence Street, it ranks in the top 10% for assessed value, meaning it’s one of the more expensive homes on the block. Living space is close to the street average, and the lot size and build year are both near the middle. So it’s not the biggest or oldest, but it’s valued higher than most of its immediate neighbours.

2. Is the assessed value of $353,000 a good indicator of market price?
Assessed value is based on municipal valuation, not current market conditions. It’s a useful benchmark for comparison and property tax calculation, but sale price may differ depending on demand, condition, and recent sales in West Broadway. It’s worth looking at recent comparable sales in the area for a more accurate picture.

3. How old is the house, and should I expect higher maintenance costs?
Built in 1904, it’s among the oldest homes in Winnipeg (top 1% city-wide for age). However, within West Broadway and on Spence Street, it’s typical. Older homes often require more upkeep—especially for systems like plumbing, electrical, and roofing—but if well maintained, they can be perfectly sound. A home inspection is strongly recommended.

4. Is the lot size a drawback?
At 4,020 sq ft, it’s close to the average for both the street and community, but well below the Winnipeg average of 6,570 sq ft. In a central urban area, smaller lots are common and often preferred for lower maintenance. If you want a large garden or extra outdoor space, this might feel tight. For someone prioritizing location over yard size, it’s a fair trade-off.

5. What kind of neighbourhood is West Broadway?
West Broadway is a central, older Winnipeg neighbourhood known for its mix of historic homes, walkability, and proximity to downtown, the Exchange District, and major amenities. It has a denser, more urban feel than many suburban areas. Like any central neighbourhood, it has character and convenience, but also some variation in property conditions and street appeal. It’s worth visiting at different times of day to see if it fits your lifestyle.