Property Overview: 365 Collegiate Street, Winnipeg
Section 1: Key Characteristics & Appeal
This one-storey home on Collegiate Street in the King Edward neighbourhood is defined by its practicality and position as an entry-point property. Built in 1918, its key characteristic is its compact size, with a living area of 601 sqft that places it well below average for the city. The assessed value is notably low, reflecting its modest scale. The lot size is manageable at just over 2,700 sqft.
Its primary appeal lies in its affordability and low carrying costs, underscored by a very low property tax burden due to its assessment. It suits a specific type of buyer: a first-time homebuyer or an investor seeking a straightforward, no-frills asset. It’s a house for someone focused on essentials—owning a detached home with a piece of land—rather than space or modern features. A less obvious perspective is its potential as a “blank slate.” Its basic nature and historical price points suggest it could be a candidate for a gradual, sweat-equity renovation or serve as a simple landing spot while building equity for a future move.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than the citywide average?
The assessed value is primarily based on the home’s very small size (601 sqft) and modest characteristics compared to the average Winnipeg home. This results in significantly lower municipal property taxes.
2. What should I know about the home’s condition given its age?
Built in 1918, the home is over a century old. Prospective buyers should prioritize a thorough inspection to understand the state of major systems like wiring, plumbing, and the foundation, which are typical considerations for houses of this era.
3. Is the price history indicative of a stable investment?
Recent sale prices have been consistently low, reflecting its niche as a small, affordable property. This suggests stability within its category rather than high appreciation, aligning it more with a needs-based purchase than a speculative investment.
4. How does the lot size impact the property’s potential?
At 2,711 sqft, the lot is smaller than average but typical for the street. It provides outdoor space but may limit expansion possibilities. The value of the land itself is a key component of the property’s overall worth.
5. Who would this property not be suitable for?
It would likely not suit growing families needing multiple bedrooms, those who work from home and need dedicated office space, or buyers seeking a modern, move-in-ready home without renovation projects.