253 Balmoral Street – Property Summary

Key Characteristics & Buyer Profile

This property is a 1,676 sqft home built in 1904, situated on a 3,754 sqft lot in Winnipeg’s West Broadway neighbourhood. Its appeal lies in a few specific trade-offs. The living space is significantly larger than the citywide average, ranking in the top 22% of Winnipeg homes, which is unusual for an older, inner-city property. However, the assessed value ($217k) is well below both the neighbourhood and city averages. This disconnect between size and value suggests the home’s condition or finishes may not match its footprint—or that the area has not appreciated as quickly as others.

The lot size is average for the street and neighbourhood but notably smaller than the citywide norm, typical for a mature, central location. Being built in 1904, it’s an old home even by local standards, placing it in the top 1% oldest citywide. This signals character and solid bones if maintained, but also potential for older systems and layouts.

This property would suit a buyer who prioritises interior space and an established central neighbourhood over a large yard or a low-maintenance, newer build. It’s a fit for someone willing to invest in updates or who values period character and walkability. It may be less suited for families needing a large lot or those looking for a move-in-ready modern finish at a similarly low price point.

Frequently Asked Questions

1. How does the assessed value compare to recent market prices in the area?
The assessed value of $217k is lower than the West Broadway neighbourhood average of $295k and far below the citywide average of $390k. This suggests the home is priced below much of the local stock, but it’s worth noting that assessed values are a lagging indicator—recent sales in the area may be higher or lower depending on condition and demand. A comparative market analysis would give a clearer picture of actual sale prices.

2. What does it mean that the home ranks in the top 1% oldest citywide?
It means this house is among the very oldest in Winnipeg, older than 99% of comparable homes listed in the database. This typically implies a historic build with solid original materials (like old-growth lumber and brick), but also that you should expect older plumbing, wiring, and insulation. Renovations may need to respect heritage guidelines if the area is designated.

3. Is a 3,754 sqft lot considered small for a single-family home in Winnipeg?
Yes, it’s below the citywide average of 6,570 sqft for comparable homes, and slightly smaller than the street and neighbourhood averages of around 3,900 sqft. In West Broadway, this is fairly typical—lots are compact due to the older, denser street grid. It allows for a manageable yard, but not extensive outdoor space or expansion.

4. Why is the assessed value so low relative to the living area and street average?
The property has above-average living space for the city, but its assessed value ranks in the bottom 11% citywide. This discrepancy is often caused by factors like deferred maintenance, outdated interior finishes, a less desirable block within the neighbourhood, or a very low basement value. In a soft market, larger homes can appraise for less if buyers aren’t willing to pay a premium for extra square footage that feels dated.

5. How does the property rank against homes of similar age in the neighbourhood?
The home was built in 1904, making it older than most (neighbourhood average is 1910, street average is 1906). On Balmoral Street, it ranks #20 out of 79 for age—older than about 75% of its immediate neighbours. This means you’re buying into one of the older pockets of an already established area, which could mean more original character but also more potential for neighbouring homes to have already undergone significant renovations.