Property Overview: 149 Collegiate Street, Winnipeg
Key Characteristics & Appeal
This is a compact, one-storey home built in 1918 on a standard city lot in the Bruce Park neighbourhood. Its primary appeal lies in its position as an accessible entry point into the Winnipeg market, underscored by a recent sale price of $24,500 and a modest assessed value. The home is notably smaller (687 sq ft of living space) than most in both the immediate area and citywide, which is reflected in its pricing.
The property would suit a specific type of buyer: an investor looking for a straightforward rental property with minimal upfront capital, a hands-on individual seeking an affordable project home to renovate over time, or someone looking to own a land-lease property with very low property taxes. Its detached garage adds practical value. A less obvious perspective is that its smaller scale and lower costs could offer a lifestyle of simplicity and minimal financial pressure in a central location, which can be a deliberate and appealing choice rather than just a compromise.
Frequently Asked Questions
1. Is this a tear-down property?
While the home is small and over a century old, it was recently sold and is likely habitable. Its value is significantly land-based, but it may serve as a liveable holding property until redevelopment is desired.
2. Why is the assessed value so much lower than the average Winnipeg home?
The assessed value is based on the property's characteristics—its very small size, age, and modest condition—relative to the broader market. It is in line with values for similar compact, older homes.
3. What does the "Top X%" ranking mean for the sale price?
The sale price ranked in the 58th percentile on its own street, meaning it was priced higher than 58% of comparable sales on Collegiate Street. This indicates it was priced appropriately for its specific micro-market, even though it is below average for the wider neighbourhood and city.
4. What are the advantages of such a small living area?
The small footprint translates to very low utility costs, minimal maintenance, and encourages an efficient, clutter-free lifestyle. It can be an ideal starter home or a low-overhead investment property.
5. Is the neighbourhood trending?
Bruce Park shows a mix of older, modest homes and newer developments. This property's below-average metrics for the neighbourhood suggest it is among the more affordable options in the area, which can be attractive for future infill potential as the area gradually evolves.