251 Collegiate Street

Property Overview

251 Collegiate Street is a modern bi-level home in Winnipeg's King Edward neighbourhood. Built in 2016, it stands out in an area with many older homes, offering contemporary construction without the need for immediate major updates. The home features 904 sqft of living space and a full, unrenovated basement, presenting a blank canvas for future expansion. Its assessed value is notably above average for the immediate area, reflecting its newer build status.

The appeal lies in its balance of modern fundamentals and potential. It’s a turn-key property for its core living space, yet the basement offers a clear opportunity to add value. The lot size is manageable, suiting those who prefer lower outdoor maintenance. This property would best suit first-time homebuyers looking for a newer build in an established neighbourhood, or practical investors seeking a modern property with a straightforward value-add project in the basement. It’s a sensible choice for those prioritizing a worry-free structure over ornate finishes or a large yard.

Frequently Asked Questions

1. How does this home’s value compare to others on the street?
Its assessed value is above the average for the King Edward neighbourhood, but ranks around the middle when compared specifically to other homes on Collegiate Street. This suggests you’re paying a premium for the modern build year compared to the street's older stock.

2. What does "basement not renovated" typically mean?
In this context, it likely means the basement is unfinished or only roughly finished—think concrete floors, exposed framing, and basic utilities. It’s a functional space for storage or laundry, but not a livable family room without investment.

3. Is the lot size a concern?
The land area is smaller than the Winnipeg city average, but is fairly typical for the King Edward area. It’s a point to consider if you envision extensive gardening, outdoor entertaining, or future additions, but is sufficient for a patio, small lawn, and standard city amenities.

4. What are the implications of buying a home built in 2016?
A home of this age should still be under coverage for some original component warranties (e.g., roof, major appliances). It also means major systems like plumbing, electrical, and insulation meet modern building codes, potentially leading to lower immediate repair costs and better energy efficiency than many neighbouring homes.

5. Who are the most likely competing buyers for this property?
Given its profile, competition would likely come from two groups: first-time buyers attracted to the newer build and its move-in readiness, and investor-buyers who see the unrenovated basement as a straightforward opportunity to increase rental yield or resale value after a finish.