Property Overview: 496 King Edward Street, Winnipeg
Key Characteristics & Appeal
This 1984 bi-level home at 496 King Edward Street presents a practical and affordable entry point into Winnipeg’s King Edward neighbourhood. With 771 square feet of living space, the home is compact, ranking below average in size for its street and the wider city, which suggests a focus on efficiency and lower utility costs. A key feature is its renovated basement, adding functional living space. The lot is modest at 2,701 sqft, implying manageable outdoor maintenance.
The primary appeal lies in its financial accessibility. With an assessed value around $25,000—significantly below the city average—it offers one of the lowest barriers to homeownership in Winnipeg. This is not a luxury property, but a grounded opportunity. It would suit first-time buyers, investors seeking a rental property with a low entry cost, or individuals looking to minimize their living expenses and footprint. The home’s 1984 build date is newer than many in the area, potentially meaning fewer immediate concerns with aging infrastructure compared to century-old homes. A thoughtful perspective is that this property represents a strategic choice for building equity with minimal debt, rather than seeking a "forever home."
Frequently Asked Questions
1. Is the renovated basement a legal suite?
The listing notes a renovated basement but does not specify it as a legal, separate suite. Buyers should verify its compliance with local zoning and licensing regulations if considering rental income.
2. What is the typical property tax bill for this home?
With an assessed value of approximately $25,200, the property taxes would be among the lowest in the city. An exact figure can be obtained from the City of Winnipeg’s tax calculator using the current mill rate.
3. Why is the assessed value so much lower than the city average?
The assessed value reflects the home’s relatively small size, modest lot, and the broader economic factors of its specific neighbourhood. It indicates a market segment focused on affordability over square footage.
4. What are the parking arrangements, given there is no garage?
The property has no garage. Parking is likely limited to on-street. Buyers should observe the street at different times to gauge typical parking availability.
5. How do the recent sold prices compare to the assessment?
Public data indicates it sold for between $21,500 and $24,500 in August 2023, which aligns closely with its current assessed value. This suggests a stable, non-speculative market for homes in this category.