Property Overview: 292 Queen Street, Winnipeg
Key Characteristics & Appeal
This is a compact, century-old home (built 1908) on a standard city lot in Winnipeg's King Edward neighbourhood. The 835 sqft, one-and-a-half storey house features a detached garage and an unfinished basement. Its most defining characteristic is its exceptionally low municipal assessed value, which places it in the bottom 3-5% of homes locally and citywide.
The primary appeal lies in its position as a true entry-point into homeownership. It suits buyers with a very limited purchase budget who prioritize securing a land title over move-in condition or modern space. It is a project property, ideal for an investor looking for a long-term hold with minimal initial tax and carrying costs, or for a hands-on owner willing to live through a gradual, sweat-equity renovation. A less obvious perspective is its potential as a multi-generational solution; the low cost could allow a family to purchase it for an elderly relative or adult child while maintaining financial flexibility. The lot size is typical for the area, offering standard outdoor space without the maintenance burden of a larger yard.
Frequently Asked Questions
1. Why is the assessed value so much lower than the citywide average?
The assessed value is based on the property's current state, market area, and characteristics. For this home, its age, smaller size, and the condition of its finishes and systems (like the unrenovated basement) result in a valuation significantly below newer or updated homes.
2. What does "Sold 3/2025: 14.50k ~ 17.50k" mean?
This indicates the property sold in March 2025. The price range is an estimate based on publicly available data. To obtain the exact, legally registered sale price, you must request it via the provided email service.
3. Is this a "tear-down" property?
While the low value and age might suggest that, it's not a given. The decision to renovate or rebuild depends on the foundation's integrity, the new owner's budget, and local zoning. Its standing structure offers a live-in renovation option, which can be more cost-effective than a full rebuild.
4. What are the typical ongoing costs for a home with this assessment?
Property taxes will be very low relative to most Winnipeg homes, a significant ongoing advantage. However, utilities and insurance costs may be higher than average due to the age and potential inefficiency of the building's envelope and systems.
5. How does the living space compare to the neighbourhood?
At 835 sqft, the living area is slightly below the average for King Edward (~952 sqft) but is a fairly typical size for the immediate street. It offers compact, functional space rather than roominess, aligning with the neighbourhood's historic housing stock.