Property Overview
453 King Edward Street is a one-and-a-half storey home built in 1918, offering a classic footprint with a detached garage. Its key appeal lies in its position as an entry-point property in a well-established Winnipeg neighbourhood. The home presents a specific value proposition, suited to a particular type of buyer.
Key Characteristics & Suitability
This home is defined by its modest scale and historically low property taxes, as indicated by its assessed value which is significantly below averages for the street, neighbourhood, and city. With 1,054 sqft of living space, it is competitively sized for the immediate area but smaller than the typical Winnipeg home. The lot, at 2,900 sqft, is manageable for low-maintenance outdoor space.
Its primary appeal is affordability and opportunity. It represents one of the lower-priced entry points into the King Edward area, ideal for a first-time buyer, an investor, or someone seeking to minimize their property tax burden. The home suits a buyer comfortable with a property of vintage character (108 years old) who views it as a foundation—whether for living simply, undertaking a gradual renovation, or as a rental investment. A less obvious perspective is its potential as a "right-sizing" option for an empty-nester seeking to stay in the broader area but in a smaller, more tax-efficient home without the scale of a modern condo.
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 based on a mass appraisal system. A significantly lower assessment often reflects the home's age, size, and condition compared to newer, larger homes citywide, resulting in a correspondingly lower tax bill.
2. What does the sold price history indicate?
The recorded sale in late 2016 was in a similar price range as the current assessed value. This consistency suggests a stable, low-end market value for this specific property type over time, but does not reflect current market conditions without a more recent sale.
3. Who is this home not well-suited for?
It is likely not a match for buyers seeking a move-in-ready modern home, substantial living space, or a large yard. The vintage and scale suggest a need for comfort with older home layouts and potential maintenance or update projects.
4. How does it compare to the newly built home down the street?
The reference property at 468 King Edward (built 2021) has a similar living area but a much higher assessed value, illustrating the typical cost difference between a century-old home and a new build, reflected in both potential market price and annual property taxes.
5. Is the detached garage a standard feature for the area?
While the data doesn't specify, the presence of a detached garage on a modest lot is a practical asset, often expected in Winnipeg's older neighbourhoods. It provides valuable storage or workshop space that newer infill properties with smaller lots sometimes lack.