Property Overview: 232 Collegiate Street, Winnipeg
Section 1: Key Characteristics & Appeal
This one-storey home in King Edward is a compact, no-frills property built in 1952. With 676 sqft of living space, it is notably smaller than most homes in Winnipeg, placing it in the top 3% for compact size city-wide. Its primary appeal lies in its efficient scale, renovated basement, and a detached garage on a standard city lot of just over 4,000 sqft. The assessed value is modest and aligns closely with the local neighbourhood average.
The property suits practical, budget-conscious buyers. It would be a fit for a first-time homebuyer seeking an affordable entry point, an investor looking for a straightforward rental property, or someone wanting to minimize their living space and associated costs. Its below-average size is a key consideration: it offers lower utility bills and less maintenance, but requires a lifestyle suited to cozy living. The renovated basement adds functional space, which is a crucial asset in a smaller home. The value here is in simplicity and location, rather than grandeur.
Section 2: Frequently Asked Questions
1. Is the house actually as small as the numbers suggest?
Yes. At 676 sqft, the living area is significantly below the city average. The floor plan will be efficient, making the renovated basement and detached garage valuable for additional storage and utility.
2. What does the "around average" assessed value mean for this area?
It means the property’s municipal assessment is very typical for the King Edward neighbourhood. This suggests the price is likely aligned with local market norms for a home of this type, not an outlier.
3. Who might this property not be suitable for?
It may not suit families needing multiple bedrooms or dedicated workspaces, those who entertain large groups frequently, or anyone uncomfortable with a compact layout. The appeal is to those who see small space living as a benefit, not a compromise.
4. The sold price history shows a jump between 2017 and 2022. What does that indicate?
The increase reflects broader market trends over that five-year period. The renovation of the basement likely contributed to the rise in value, bringing the home up from a lower price point to one more in line with the neighbourhood average.
5. How important is the detached garage here?
Very. In a smaller home with limited interior space, a detached garage provides essential storage, workshop potential, or protected parking. It significantly enhances the utility of the property.