Property Overview: 367 King Edward Street, Winnipeg
Key Characteristics & Appeal
This is a compact, one-storey home built in 1918, situated on a notably large lot for its neighbourhood. With 800 sqft of living space and a renovated basement, the house itself is modest and below the citywide average in size. Its assessed value is significantly below average across all comparisons, indicating a very low property tax base.
The primary appeal lies in the substantial 5,794 sqft lot, which ranks in the top 12% on its street and top 6% in the broader King Edward area. This presents a rare opportunity for expansion, gardening, or outdoor space in a central location. The renovated basement adds functional living space. This property would suit a pragmatic, value-focused buyer—such as a first-time homeowner, an investor, or someone looking to build equity through a future renovation or addition. It’s for those who prioritize land potential and low carrying costs over move-in-ready size or finishes.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city average?
Assessed value is primarily for calculating property taxes and is influenced by factors like home size, age, and recent sales in the area. This home’s modest size and older age contribute to its low assessment, which results in lower annual property taxes.
2. What does the "renovated basement" entail?
The listing confirms the basement is renovated but does not specify the scope. Buyers should inquire about the permits, finish quality, ceiling height, and whether it includes a separate entrance or legal suite potential.
3. Given the large lot, what are the possibilities for expansion or building?
The lot size offers clear potential for a significant addition, a garage, or even a new build (subject to lot division rules). Any plans would require due diligence with the City of Winnipeg’s zoning bylaws, heritage considerations (given the home's age), and obtaining the necessary permits.
4. How does the recent sold price compare to the assessed value?
The home sold for between $22.5k and $25.5k in March 2025. This is above its $16.1k assessed value, which is common, as market value and assessed value are calculated differently. The sale price reflects what a buyer recently paid in the open market.
5. What are the considerations of owning a 108-year-old home?
While charm and character are benefits, key considerations include the potential for outdated plumbing, electrical, and insulation. A thorough inspection is essential to understand the condition of the foundation, roof, and structure, and to budget for ongoing maintenance or updates.