721 Broadway
Welland, Ontario
721 Broadway sits on 9,000 square feet of land with 90 feet of frontage, which is more than anything it is currently being shown against. This analysis works through what the direct competition is doing, what the last 175 listings in the Broadway area actually transacted at, and how the lot changes where this home should be positioned.
What we are selling
A well kept bungalow on the largest lot in its comparable set, with a finished lower level and parking for seven. It is a stronger property than anything currently competing with it, with one clear exception.
The lower level carries a 27 by 12 foot rec room, a 17 by 10 foot workshop, plus laundry and a cold room. Above grade the layout runs open concept living and dining into an updated kitchen with granite counters, an island and built in appliances. Two decks, a fenced rear yard, mature landscaping front and back, backing onto conservation land and close to transit.
On land, parking, finished square footage and condition, this home outperforms its direct competition. The lot is the single biggest of those advantages and it gets its own section below, because it is the argument that carries the pricing.
The one honest limitation
Three bedrooms served by a single 4 piece bathroom puts a hard ceiling on the buyer pool. Families comparing this home against anything carrying a second bath, even a basement 3 piece, will discount it accordingly.
Both the pricing and the marketing account for this. The lot, the finished lower level and the parking are what bring forward the buyer willing to look past a single bathroom, and those are the features the listing leads with.
Broadway is not a seller's market right now
Two data pulls sit behind this section. One covers every listing in the Broadway area across all property types. The second filters that same area down to bungalows only, which is the direct competition for 721 Broadway.
Outcome of the last 40 bungalows
Asking against getting
Fifteen bungalows sold. Fifteen more were terminated or expired without a sale. That is a one to one ratio between a seller who got a cheque and a seller who took the sign down and got nothing. The biggest risk on this file is not selling low. It is not selling at all.
The pricing gap tells the same story from the other side. The median bungalow in Broadway starts at $489,950 and finishes at $445,000. That is $44,950 of erosion, or 9.2%. Look at the averages and the gap widens to 14.5%. Sellers in Broadway are consistently starting about 10% above what the market will pay, then spending two months discovering it.
| Measure | All types (135 listings) | Bungalows only (40 listings) |
|---|---|---|
| Median original ask | $494,900 | $489,950 |
| Median list at time of sale | $485,000 | $477,450 |
| Median sale price | $463,000 | $445,000 |
| Highest sale recorded | $707,000 | $540,000 |
| Median sale to list ratio | 96% | 95% |
| Best ratio achieved | 109% | 99% |
| Median days on market | 60 | 58 |
| Sold / terminated or expired | 42 / 59 | 15 / 15 |
Source: PropTx statistics and counts reports for the Broadway area of Welland, printed August 15, 2026. The bungalow set spans everything from 1 bedroom to 11 bedrooms and original asks from $349,900 to $1,149,900, so the medians describe the area rather than this specific home. Median taxes across the set run $3,190 to $3,212, which places 721 Broadway right at the midpoint for the area on assessed value.
5 Armour Drive sets the number to beat
This is the one listing a buyer shopping for 721 Broadway will also be shown. It is a smaller, less finished home on a smaller lot, and it is currently asking $559,900 after 76 days on market.
| Feature | 721 Broadway | 5 Armour Drive |
|---|---|---|
| Lot area | 9,000 sq ft | 7,236 sq ft |
| Frontage | 90 ft | 60.15 ft |
| Above grade size | Approx. 1,150 sq ft | 1,058 sq ft |
| Bathroom | 4 piece | 3 piece |
| Lower level | Finished rec room and workshop | Unfinished |
| Parking | 7 spaces | 5 spaces |
| Area | Broadway | Prince Charles |
| Taxes | $3,160 (2023) | $3,955 (2025) |
| Current status | Preparing to list | Active, 76 days, unsold |
721 Broadway wins on six of the seven comparable measures, and pays roughly $800 less per year in property tax.
The pricing history is the other half of the story, and it is the part worth studying closely.
5 Armour Drive price history
| Date | Event | Price | Change |
|---|---|---|---|
| June 1, 2026 | Listed for sale | $610,000 | Opening ask |
| June 18, 2026 | Price changed | $599,900 | Down 1.66% |
| July 13, 2026 | Price changed | $574,999 | Down 4.15% |
| August 10, 2026 | Terminated at 70 days | No sale | Listing withdrawn |
| August 10, 2026 | Relisted, new MLS number | $559,900 | Down 2.63% |
The relist currently shows as 5 days on market. The cumulative figure of 70 days is still attached to the file and every buyer agent can see the full history.
View the 5 Armour Drive listing →How to read this comparable
5 Armour is an unsold listing, not a sale. It cannot tell us what 721 Broadway is worth. What it does is set the number a buyer weighs 721 Broadway against, and that number is $559,900 for a smaller home on a smaller lot with an unfinished basement.
It also demonstrates what an opening price of $610,000 costs in this market: eleven weeks, three public reductions, a terminated listing and a fresh MLS number. Every one of those reductions taught buyers to wait for the next one.
The lot is the differentiator
Two thirds of an acre is not on offer here, but 9,000 square feet with 90 feet of frontage is a genuinely uncommon parcel in this part of Welland, and it is the one advantage no renovation can manufacture on a competing listing.
| Property | Status | Lot dimensions | Lot area | Against 721 |
|---|---|---|---|---|
| 721 Broadway | Subject | 90 x 100 ft | 9,000 sq ft | Baseline |
| 5 Armour Drive | Active, unsold | 60.15 x 120.3 ft | 7,236 sq ft | 1,764 sq ft smaller |
| 30 Rainbow | Active | Recorded as 0.09 acres | 3,920 sq ft | 5,080 sq ft smaller |
| Remaining actives | Active | Not recorded on MLS | Not stated | Cannot be compared |
Five of the six Welland actives in the Cornerstone pull show 0.00 acres, which indicates the field was left blank rather than a lot of no size. The comparison above is therefore made against every property in the set where a dimension was actually recorded.
Frontage matters more than depth to most buyers, and this is where the gap is widest. Ninety feet across the front gives the house genuine separation from its neighbours, room for the double drive and six car parking that already exists, and space beside the attached garage that a deeper but narrower lot simply cannot offer. It is also what makes the existing landscaping read the way it does from the street.
For the buyer this home is built for, someone who wants a workshop, a trailer, a boat, or simply a rear yard with no neighbour behind it, the land is the reason they choose this property over a newer home on a tighter parcel. That buyer exists in Welland and they pay for it.
Working the number from the ground up
Price per square foot of living space is the cleanest cross check available, because local inventory varies wildly in size. It deliberately ignores land, so the lot premium is applied separately afterward.
| Reference point | Status | Size | Price | Per sq ft |
|---|---|---|---|---|
| 107 Broadway | Sold, same street | 868 sq ft | $385,000 | $444 |
| Welland actives, median | Asking | 1,127 sq ft | $489,500 | $443 |
| Welland actives, average | Asking | 1,178 sq ft | $494,427 | $449 |
| 5 Armour Drive | Asking, unsold 76 days | 1,058 sq ft | $559,900 | $529 |
| 721 Broadway | Sold July 2023 | 1,150 sq ft | $612,000 | $532 |
Welland active figures from the Cornerstone quick CMA, 3 to 4 bedroom detached, August 15, 2026. Note that 107 Broadway carried a second washroom, which 721 Broadway does not.
The base calculation puts 721 Broadway at roughly $509,000 to $518,000 on living space alone, against a typical lot. Four adjustments then apply.
| Adjustment | Basis | Effect |
|---|---|---|
| Base, living space | 1,150 sq ft at $443 to $450 | $509,000 to $518,000 |
| Lot premium | 1,764 sq ft of additional land over the competitor, 90 ft frontage | Add $20,000 to $35,000 |
| Finished lower level | 27 ft rec room, workshop, plus 7 parking spaces | Add $10,000 to $15,000 |
| Single bathroom | Narrows the buyer pool against any two bath comparable | Deduct $10,000 to $15,000 |
| Supportable value | Net of all adjustments | $525,000 to $550,000 |
That band straddles the $540,000 that represents the highest bungalow sale recorded in Broadway. Reaching the upper end of that band requires a buyer who specifically values land, which is precisely the buyer the marketing will be built to reach.
Three prices, measured against 5 Armour
All three options are set relative to the one listing 721 Broadway competes with directly. Because this is the better home on considerably more land, pricing at or above $559,900 is defensible. The question is how much premium to ask for, and how much time each option costs.
- Expected sale
- $520K to $548K
- Expected days
- 100 to 150
- Risk of no sale
- High
- Reductions likely
- Two
- Expected sale
- $524K to $548K
- Expected days
- 80 to 120
- Risk of no sale
- Moderate to high
- Reductions likely
- One
- Expected sale
- $526K to $550K
- Expected days
- 60 to 95
- Risk of no sale
- Moderate
- Reductions likely
- Possible at day 60
List price against realistic sale
What the spread actually shows
All three options land inside the same $520,000 to $550,000 window, which is the supportable value band from section 05. The list price does not change what the home is worth. It changes how long the home sits before the right buyer reaches it, and how many public reductions they watch along the way.
All three also sit above the $540,000 ceiling that bungalow sales in Broadway have recorded. That is a deliberate position resting on the land, and it means each option depends on 5 Armour holding its current price rather than cutting again.
Option 2 at $569,900 is the recommendation. It prices the lot premium at a level a buyer can justify to themselves in a single sentence, keeps a visible gap against the competitor rather than a confusing tie, and reaches roughly the same sale price as the higher option without the second reduction that Option 1 almost certainly requires.
Where this lands against the 2023 purchase
721 Broadway sold in July 2023 for $612,000, at 98% of a $624,900 list, in 32 days. That was a materially different market, and the number needs to be set aside before pricing decisions get made.
| Option | List price | Realistic sale, midpoint | Against $612,000 |
|---|---|---|---|
| 1, $20,000 above 5 Armour | $579,900 | $534,000 | Approx. down $78,000 (12.7%) |
| 2, $10,000 above 5 Armour | $569,900 | $536,000 | Approx. down $76,000 (12.4%) |
| 3, matches 5 Armour | $559,900 | $538,000 | Approx. down $74,000 (12.1%) |
Figures are gross to seller before commission, legal fees, adjustments and any mortgage discharge. Midpoints are the centre of the expected sale ranges shown in section 06.
This is the hardest part of the conversation, and it is better had now than in week six. The 2023 purchase price does not set the floor. What buyers are paying in Broadway today sets the floor. Holding out for a figure closer to 2023 does not recover the difference. It adds days on market, and in this environment days on market cost money rather than make it.
How the home goes to market
The plan is to present the home as close to empty as possible. That is the right instinct for this property, with one adjustment worth considering.
Lead with the land
If the lot is the reason for the price, it has to be the reason for the listing. Drone or elevated photography showing the full 90 by 100 parcel, the frontage, and the absence of a rear neighbour should open the gallery rather than sit at the end of it.
Empty works here
The strongest features are structural: the lot, the 27 foot rec room, the granite kitchen, the landscaping and the two decks. None of those need furniture to read well. An empty house lets the square footage and the land do the selling.
Two rooms worth dressing
A 27 by 12 foot rec room and a single bathroom are the two spaces most likely to feel cold when empty. Light staging in the rec room and the primary bedroom gives buyers a sense of scale without cluttering the rest of the house.
Price on day one
The first fourteen days generate the most showings a listing will ever get. In a market where 37.5% of bungalows never sell, the launch price matters more than any adjustment made after the fact.
Direct 905-921-7487
madelyn@madelyntownes.com
madelyntownes.com
Prepared August 15, 2026 for the owners of 721 Broadway, Welland. Data sources: PropTx statistics and counts reports for the Broadway area of Welland (135 listings, all types) and the bungalow filtered subset (40 listings); Cornerstone quick CMA for Welland residential actives and pendings; PropTx listing history for 5 Armour Drive and 721 Broadway. Lot dimensions as recorded on MLS and not independently surveyed. Information is deemed reliable but not guaranteed. This analysis is an opinion of market value and is not an appraisal. Property tax figures shown for 721 Broadway reflect the 2023 tax year and should be confirmed against the current roll. Nothing in this document constitutes a commitment to list.