311 Lock Street – Property Summary

Section 1: Overview & Buyer Profile

This 2012-built home on Lock Street offers 820 square feet of living space on a 2,433-square-foot lot. Its key distinction lies in value and condition rather than space. The assessed value of $237,000 ranks well above average on the street (top 22%) and within the Weston neighborhood (top 14%), while the home’s year built ranks in the top 10% citywide—meaning it’s newer than most comparable properties in Winnipeg.

The appeal here is pragmatic: you get a relatively modern home in an established area without paying for excess land or square footage. The lot is below average for the street and neighborhood, and the living area sits around the local median. That trade-off allows the assessed value to remain competitive. Buyers who prioritize a newer build, lower maintenance, and a sensible price point—rather than maximum space or a large yard—will find this property well-aligned. It also suits those looking for a home that already reflects current building standards, reducing the likelihood of immediate major upgrades.

Section 2: Five Frequently Asked Questions

1. How does the property’s size compare to others in the area?
The living area is slightly above average on Lock Street but below the citywide average for comparable homes. The lot is smaller than most on the street and in Weston—ranking in the bottom 12% locally and bottom 3% citywide. This is typical for newer infill builds, where efficient land use is prioritized over expansive yards.

2. Is the assessed value a good indicator of market price?
Assessed value is a benchmark for property taxes, not a guaranteed sale price. However, this home’s assessment is notably higher than the street and neighborhood averages, which can signal strong relative value. Market conditions and recent sales in Weston would give a clearer picture, but the assessment suggests the home holds its value well compared to its immediate peers.

3. How old is the property, and does its age affect maintenance expectations?
Built in 2012, the home is newer than 90% of comparable properties citywide. This typically means the roof, mechanical systems, and foundation are in better shape than older homes in the same price range. Routine maintenance still applies, but major system replacements are less imminent than they would be for a property built in, say, the 1970s.

4. What is the neighborhood like, and how does it rank for this type of home?
Weston is an older, established area in Winnipeg. This property ranks in the top 14% of the neighborhood for assessed value and top 6% for year built, placing it among the newer and higher-value homes in the area. Buyers should expect a mix of older and newer housing stock, with the convenience of proximity to amenities along Weston Road and Portage Avenue.

5. Does the small lot limit future expansion or resale potential?
A smaller lot can limit options for additions like a garage or large deck, but it also means less yard maintenance and lower land costs. For resale, the home’s modern construction and strong value ranking may offset the lot size for buyers who prioritize move-in condition over outdoor space. Properties with similar lot sizes on Lock Street have held their value well, based on the assessment data.