Here is the property summary for 259 Spence Street.

Property Overview & Key Characteristics

This is a 2,892 sqft home built in 1902 on a 2,998 sqft lot, located at 259 Spence Street in Winnipeg’s West Broadway area. Its strongest feature is its interior living space, which ranks in the top 3% on the street, top 8% in the neighborhood, and top 1% citywide. This means the home offers significantly more square footage than typical properties in the area—over 400 sqft more than the local average and more than double the citywide average for comparable homes.

The appeal here is space and bones rather than land or a modern finish date. The lot size is relatively small (bottom quartile on the street), and the home was built in 1902, making it older than nearly all comparable properties citywide. However, the assessed value tells a practical story: the home is valued at $284,000, which is around average for Spence Street and below average for both the neighborhood and the city. You are paying for interior volume, not for a high-end location or a newly built structure.

This property would suit a buyer who prioritizes generous indoor square footage over lot size and is comfortable with an older home’s character and maintenance considerations. It is a strong fit for someone looking to get a large amount of living area at a relatively moderate price point, particularly if they value the quirks and potential of pre-war architecture. It may be less suitable for buyers seeking a turnkey modern home, a large yard, or a property with strong immediate resale value relative to the neighborhood.

Frequently Asked Questions

1. How does the assessed value compare to the actual market value in this area?
   The city assessment of $284,000 is below the neighborhood average of $295,400 and well below the citywide average of $390,100. However, on Spence Street itself, it is slightly above the street average of $247,500. Market value can differ from assessed value, but this suggests the home is priced competitively for its street while being a relative value compared to the broader city.

2. Is the 1902 build year a concern for inspections or insurance?
   Possibly. The home is older than 99% of comparable properties citywide. While many older homes in West Broadway have been updated, a thorough inspection is critical—particularly for the electrical system, plumbing, foundation, and presence of lead paint or asbestos. Some insurers may charge higher premiums or require an updated electrical panel for homes of this age.

3. Why is the lot size so much smaller than average, and does that limit future expansion?
   The lot is about 25% smaller than the street average and 55% smaller than the citywide average. This is common for older inner-city properties, often reflecting narrow or short lots from the early 1900s. If you are considering an addition or a garage, the footprint is limited. However, the large existing living area may reduce the need for expansion.

4. What is the typical buyer demographic for this type of property?
   Based on the space-to-price ratio and location, common buyers include families looking for more room without moving to the suburbs, investors seeking a rental property with generous unit potential, or renovation-minded owners who value historic character and are willing to update systems over time.

5. How do the rankings on the neighborhood analysis map help me compare this home to others nearby?
   The rankings are percentile-based, meaning they show how this property stacks up against similar homes. A top-1% ranking for living area citywide is exceptional, while a bottom-10% ranking for lot size is a clear trade-off. Using the interactive neighbourhood map (available on the full listing page) lets you see side-by-side comparisons of year built, living area, assessed value, and lot size for nearby houses to get a clearer picture of the local market.