Property Overview & Key Characteristics
This 1918-built, one-and-a-half storey home on Collegiate Street in Bruce Park is a classic Winnipeg character home with clear value as a starter property or investment opportunity. Its primary appeal lies in its land value and location within a mature neighbourhood, offering a solid foundation with room for personalization.
The 868 sqft living space is modest but functional for a small household or investor. A key feature is the 2,711 sqft lot, which is notably larger than many in the immediate Bruce Park area, presenting potential for expansion or outdoor enjoyment. The home has an unrenovated basement and no garage. Recent sales history shows significant appreciation, with the home selling for $210,000 in late 2024, up from $150,000 in 2018.
This property would best suit a handy first-time buyer comfortable with a home that needs updating, or an investor looking for a land-value play in a central neighbourhood. Its below-average assessed value relative to the city suggests a lower property tax burden, which is a practical advantage. A thoughtful perspective is that while the home ranks below neighbourhood averages for size and year built, it offers a chance to own a character home on a good-sized lot without the premium price of a fully renovated property, making its value proposition more about potential than present condition.
Frequently Asked Questions
1. What does "unrenovated basement" typically mean for a home of this age?
It generally indicates the original foundation, layout, and finishes. Expect a concrete floor, likely lower ceilings, and basic mechanical systems. It provides usable storage or laundry space but would require significant investment to finish as living area.
2. The assessed value seems very low compared to the sale price. Why is that?
Municipal assessed value for tax purposes often lags behind market value, especially in rising markets or after recent sales. The sale price reflects what a buyer was willing to pay in the current market, while the assessment is an administrative valuation.
3. How does the lot size compare, and what are the implications?
At 2,711 sqft, the lot is larger than most in Bruce Park. This is a standout feature, potentially allowing for a larger addition, a garage build, or more private outdoor space than is typical for the area.
4. The home sold recently in 2024 and 2018. Does that indicate anything?
The $60,000 increase in sale price over six years shows strong market appreciation. The quick resale in 2024 could be due to many factors, such as an investor flipping it or a change in the owner's circumstances, and isn't inherently negative.
5. What are the practical considerations of a home built in 1918?
You should budget for and expect older building materials, such as plaster walls and original windows, which may need maintenance. While offering charm, systems like wiring and plumbing may need updating to modern standards. A thorough inspection is essential.