309 Mckelvey Street – Property Summary

Key Characteristics & Buyer Profile

This is a 605 sq. ft. home built in 1925 on a 2,437 sq. ft. lot, located at 309 Mckelvey Street in Winnipeg’s Weston neighbourhood. Its appeal is straightforward: this is an entry-level property with a low assessed value of $117,000—significantly below street, neighbourhood, and city averages. For a buyer who prioritizes affordability and a modest footprint over space or modern finishes, this represents one of the most accessible entry points into the market.

The trade-offs are clear. The living area ranks in the bottom 6% on the street and bottom 1% citywide. The lot is also small relative to its surroundings. The year built (1925) is roughly average for the street but older than the citywide median. None of these metrics are standout, and the data suggests the property has not been upgraded in ways that would increase its assessed value relative to peers.

This property would suit a first-time buyer, an investor looking for a low-cost rental or flip with limited upside potential, or someone willing to take on cosmetic and possibly structural updates in exchange for a low purchase price. It is not suited for buyers seeking turnkey condition, generous living space, or a large yard. The appeal lies entirely in price point and location—Mckelvey Street is a settled, older residential street, and Weston offers proximity to downtown Winnipeg without the corresponding price tag.

Frequently Asked Questions

1. Does the low assessed value mean the property is in poor condition?
Assessed value reflects comparative market data, not a direct condition assessment. The home is ranked low against similar properties across the city, which often indicates smaller size, older systems, or limited renovations—but a home inspection is the only way to confirm actual condition.

2. How does the lot size affect usability?
At 2,437 sq. ft., the lot is smaller than 88% of properties in Weston. This limits options for additions, garages, or large outdoor spaces. It may be well-suited for a low-maintenance yard but not for expansion.

3. Is 1925 a concern for maintenance or insurance?
Not necessarily, but homes of this era often have original foundations, wiring, and plumbing. Some insurers may have stricter requirements for older homes or charge higher premiums. A specialist inspection for knob-and-tube wiring or lead pipes is advisable.

4. What is the neighbourhood like for resale value?
Weston is an established, older neighbourhood with modest appreciation trends. The property’s low ranking across all metrics suggests it may not outperform the market in value growth unless significant upgrades are made. It is more of a practical entry point than an investment with high upside.

5. Can I see how this property compares to others on the street?
Yes. The neighbourhood analysis page (linked on the property page) provides a map-based comparison of nearby homes by year built, living area, assessed value, and lot size in detail.