Property Overview: 220 Collegiate Street, Winnipeg
Section 1: Key Characteristics & Appeal
This is a modern, two-storey home built in 2023, offering a move-in-ready experience in Winnipeg's King Edward neighbourhood. Its primary appeal lies in its new construction status and above-average interior space. With 1,404 sqft of living area, it ranks within the top 6% for size both on its street and in the broader neighbourhood, providing more room than most nearby homes. The basement has been renovated, adding to its functional space.
The property stands out for its elite assessed value ranking (top 2% locally), indicating it is considered a high-value asset relative to its surroundings. This suggests strong investment in finishes and systems for its age. However, the lot is compact at 2,707 sqft, which is below average for the area and city. This creates a low-maintenance yard but less private outdoor space.
This home would best suit buyers prioritizing a modern, low-maintenance build with generous interior square footage over a large yard. It’s ideal for professionals, small families, or investors seeking a newer property with recent renovations already completed. The strong assessed value also makes it noteworthy for those focused on asset value within established neighbourhoods.
Section 2: Frequently Asked Questions
1. Why is the assessed value so high compared to nearby homes?
The assessed value ranks in the top 2% for the street and neighbourhood, largely due to the home being newly built in 2023. Modern construction, materials, systems, and the renovated basement contribute to a higher valuation than older, unrenovated homes in the area.
2. What are the trade-offs with a newer home on a smaller lot?
You gain a modern, energy-efficient home with contemporary layouts and minimal immediate repairs. The trade-off is less outdoor privacy and garden space compared to older homes in the area on larger lots. The compact lot means lower yard maintenance but limited potential for expansions like a large garage.
3. How does the living space compare practically?
With 1,404 sqft, the living area is significantly above the local average (≈950-977 sqft). This means more room for dedicated home offices, family living areas, or storage compared to many neighbouring properties, which is a key advantage in this location.
4. What does the sold price history indicate?
The home sold previously in 2023 for between $51.5k and $54.5k, consistent with its current high assessed value. A prior sale in 2017 was for a far lower amount ($9.5k-$12.5k), suggesting the land was purchased and the new home was built or in planning at that time, reflecting the property's complete transformation.
5. Is the lack of a garage a concern?
The property has no garage. This is common for infill lots in older neighbourhoods and contributes to the smaller lot size. Buyers should consider on-street parking or the potential cost of adding a parking pad or structure, subject to local regulations.