Property Overview: 292 Patrick Street, Winnipeg
Key Characteristics & Appeal
This home at 292 Patrick Street in Logan-C.P.R. is a character property with strong local standing but a unique value profile. Built in 1906, it offers a generous 1,512 sqft of living space, which ranks in the top 10% for size both on its street and within the neighbourhood. This suggests a home with more room than many in the immediate area, potentially featuring layouts common to its era, such as larger separate rooms.
Its primary appeal lies in its established location and above-average footprint for the local market. The assessed value of $19,900 is notably higher than area averages, which typically indicates a well-maintained or updated property relative to its peers on Patrick Street and in Logan-C.P.R. However, this value is significantly below the city-wide average, highlighting a substantial price differential between this neighbourhood and others in Winnipeg. This creates an opportunity for buyers seeking space and character at a lower entry point compared to much of the city.
The property would suit a buyer who appreciates older homes and is looking for a spacious interior in a mature neighbourhood. It’s a practical choice for someone whose lifestyle or investment focus is local, rather than comparing to city-wide averages. The lot size is standard for the area, offering typical outdoor space without extensive maintenance demands.
Frequently Asked Questions
1. Why is the assessed value so low compared to the city-wide average?
This is due to the specific market dynamics of the Logan-C.P.R. neighbourhood. Property assessments reflect local sale prices and conditions. While this home’s value is strong for its immediate area, average values in this part of the city are substantially lower than in many other Winnipeg neighbourhoods.
2. The home was built in 1906. What should I consider?
While the rankings show its age is typical for the street, a 120-year-old home will likely have original building materials and systems. Prospective buyers should prioritize a thorough inspection to understand the condition of the foundation, wiring, plumbing, and roof, and budget for potential updates or maintenance specific to its era.
3. How spacious is it really compared to nearby homes?
The data indicates it is genuinely larger than most comparable homes nearby. With a living area in the top 10% locally, you can expect more interior space than approximately 90% of similar properties in the Logan-C.P.R. area.
4. What does the sold price history (2019, CA$150k–200k) tell me?
This past sale price gives a historical benchmark. When compared to the current assessed value, it can indicate market trends in the area. For a precise figure to inform your offer, you can request the exact sold price from the listing service.
5. Are the property taxes based on the $19,900 assessed value?
No. Property taxes are calculated using a mill rate applied to the assessed value. The $19,900 figure shown is the assessment, not the market price or sale price. Taxes will be based on this assessment, which is typically a fraction of the home’s expected market value.