Property Overview: 122 Collegiate Street, Winnipeg
Section 1: Key Characteristics & Appeal
This is a classic one-storey home in the Bruce Park neighbourhood, built in 1918. Its defining characteristic is a significant imbalance between land and living space. The property sits on a large, above-average lot of over 5,400 sqft, which ranks in the top 6% for lot size on its street. In contrast, the house itself is quite compact at 596 sqft of living area, placing it among the smallest homes in the broader area.
The primary appeal lies in this potential. The large lot offers rare space for expansion, gardening, or outdoor living in an established neighbourhood. It suits a specific type of buyer: someone looking for a starter home or downsizing option with a manageable interior, but who values private outdoor space and sees the long-term potential for an addition or redevelopment. It’s also a candidate for a buyer comfortable with a home of its era, as the basement is noted as unrenovated. The 2016 sale price suggests it has been positioned as a value-oriented entry into the market, likely appealing to the practical investor or hands-on homeowner.
Section 2: Frequently Asked Questions
1. Is the house just a teardown?
Not necessarily. While the living area is small, the home is standing and occupied. Its value is currently in the combination of a liveable structure and a large lot. It could be a modest home as-is, or a candidate for a significant renovation and expansion.
2. What does the "below average" assessed value mean?
The assessed value is for municipal tax purposes and is typically lower than market value. Its "below average" ranking reflects the home's modest size and features compared to others, not a direct appraisal of its market sale price.
3. How does the lot size compare to a standard city lot?
At 5,424 sqft, it is substantially larger than the average Winnipeg lot (approx. 5,993 sqft in Bruce Park and 6,570 sqft city-wide). This is a key advantage, offering more privacy and flexibility than most standard lots.
4. What should I consider about the neighbourhood given the rankings?
The data shows that for Bruce Park, this home's living area and year built are below the neighbourhood average. This indicates the immediate area likely has larger and/or newer homes, suggesting a quiet, established streetscape where this property stands out for its redevelopment potential rather than its current stature.
5. Are the nearby sold prices from 2016 relevant today?
The listed 2016 sale price provides historical context but does not reflect current market conditions. It primarily shows the property's previous market entry point and should not be used alone to determine its present value.