Property Overview
161 Collegiate Street is a 1916 one-and-a-half storey home in Winnipeg's Bruce Park neighbourhood. It sits on a 2,711 sqft lot and offers 922 sqft of living space, featuring a basement (not renovated) and a detached garage.
Key Characteristics & Appeal
This home presents a straightforward opportunity, primarily for value-focused buyers or investors. Its key appeal lies in its land value and location within a mature neighbourhood. The lot size is notably larger than many in Bruce Park and is above average for the immediate street, offering potential for future expansion or outdoor space in a city where lot size often dictates value. With a very low assessed value and a last sale price of $16,500 in 2016, it stands as one of the most affordable entry points into the Winnipeg market. This is not a move-in-ready property; its age and unrenovated state mean it requires vision and investment.
It would best suit a hands-on buyer looking for a foundational project—whether as a long-term renovation, a candidate for substantial updating, or a land-value play. It’s also a practical consideration for an investor seeking a low-cost asset with rental potential after improvements. A less obvious perspective is its appeal to those wishing to minimize their property tax base, as the assessed value is significantly below city averages.
Frequently Asked Questions
1. What does "one-and-a-half storey" mean for this home?
Typically, this style features a main floor with principal rooms and a second floor under sloping roof lines, often creating cozy bedrooms with reduced ceiling height in some areas. Given its 1916 build date, expect classic layouts and character details.
2. How significant is the "unrenovated basement" condition?
This indicates the basement is in original or functional condition but has not been modernized or finished. Buyers should budget for potential updates to mechanical systems, insulation, or moisture management, and view it as raw space.
3. The assessed value seems very low compared to the city average. Why?
The assessed value reflects the property's current state, age, and living area relative to similar properties. It is aligned with values on its street but is below averages for the wider neighbourhood and city, which is consistent with an older, unrenovated home on a modest-sized lot in its area.
4. Is the detached garage a standard size?
The listing confirms a detached garage but does not specify dimensions. This is common for older homes and provides useful storage or parking, but the structure's condition and size should be verified during a viewing.
5. How does the lot size compare to nearby properties?
The 2,711 sqft lot is larger than many in the Bruce Park area, where comparable homes average about 5,993 sqft. On Collegiate Street itself, it is closer to the average. This suggests the property has a proportionally larger yard than some neighbours, which is a key feature.