Property Overview: 302 Collegiate Street, Winnipeg
Section 1: Key Characteristics & Appeal
This is a compact, one-storey home built in 1918 on a standard city lot in the King Edward neighbourhood. Its primary appeal lies in being a modest, entry-level property with a recently renovated basement, offering functional living space at a manageable scale. The detached garage adds practical value.
The home’s standout characteristic is its assessed value, which is notably above average for both its immediate street and the wider King Edward area. This suggests the property is viewed favorably by the assessor relative to its peers, potentially due to updates or its specific condition. However, at 720 sqft, the living area is below average for the area, indicating a cozy footprint.
This property would best suit a first-time buyer, an investor looking for a straightforward rental, or someone seeking a low-maintenance home without the upkeep of a larger, newer house. Its appeal is pragmatic: it offers the fundamentals of homeownership in a central Winnipeg neighbourhood without premium size or modern features. A thoughtful perspective is that its higher assessment but smaller size creates a unique value proposition—it may command respect on paper and in taxes, while offering a simpler, more affordable living experience in practice.
Section 2: Frequently Asked Questions
1. Is the house particularly small?
Yes. At 720 sqft of living area, it is smaller than most homes on its street, in King Edward, and across Winnipeg. This makes for efficient, low-maintenance living but may feel cramped for those needing more space.
2. Why is the assessed value higher than many neighbours?
The assessed value of $30,900 ranks in the top 30% for the street and area. This is likely due to specific factors like the renovated basement and the property’s overall condition, which the city assessment recognizes as adding value compared to other older, smaller homes.
3. What is the land size?
The lot is 2,708 sqft, which is below average for the area but typical for many older city neighbourhoods. It provides a standard backyard space but not an unusually large one.
4. How old is the home, and what does that mean for maintenance?
Built in 1918, the home is over 100 years old. While the basement has been renovated, buyers should budget for and expect maintenance consistent with a century-old structure, including potential updates to original systems.
5. How have similar homes on the street sold?
Based on recent public data, a very similar home next door at 306 Collegiate Street (740 sqft, built 1918) has a significantly lower assessed value ($16,600). This highlights that assessed values can vary widely based on specific upgrades and condition, and market sale prices may tell a different story. The last known sale for 302 Collegiate Street was in March 2021.