Property Overview: 281 Collegiate Street, Winnipeg
Section 1: Key Characteristics & Appeal
This is a compact, one-storey home built in 1918, situated on a standard city lot in the King Edward neighbourhood. Its key characteristics are its modest scale and its position as an entry-point property. With 683 square feet of living space and an unrenovated basement, it is notably smaller than most homes in the area and across Winnipeg. The assessed value is significantly below city averages, reflecting its size and condition.
The appeal lies in its affordability and potential. It represents one of the most accessible price points in the market, suitable for a first-time buyer willing to take on a project, an investor looking for a rental property, or someone seeking a minimalist footprint. Its age offers classic charm but also implies a need for ongoing maintenance and potential updates. A thoughtful perspective is that its smaller size can mean lower utility costs and less space to maintain, which can be a practical advantage. This home would best suit a handy buyer or investor who views the property as a foundation to build equity over time, rather than someone seeking a move-in-ready or spacious family home.
Section 2: Frequently Asked Questions
1. Is this a "tear-down" or a livable home?
Based on its maintained assessed value and sold history, it is considered a standing, livable property. However, its unrenovated state and age mean it likely requires updates and cosmetic improvements to meet modern standards.
2. Why is the assessed value so much lower than the city average?
The assessed value is tied directly to the home's relatively small square footage, its age, and the fact that it has not been renovated. It is assessed for what it currently is, not for its potential after improvements.
3. What are the main considerations for living in a home of this size and age?
Prospective buyers should budget for updates to systems like wiring or plumbing due to its age, and plan for efficient use of the compact living space. The unrenovated basement may offer storage or future expansion potential but will require investment.
4. How does the lot size compare, and does it offer potential?
The land area is under 3,000 sq ft, which is smaller than many lots in Winnipeg but typical for the central neighbourhood. It provides adequate outdoor space for a small garden or patio but is not large enough for major additions without careful planning.
5. The sold price history shows a sale around $13.5k–$16.5k in 2016. Is that relevant today?
That historical price is a useful benchmark showing the property's long-standing position as an affordable entry point. It underscores the market segment this home occupies, but current value will be determined by present market conditions, its state of repair, and recent comparable sales.