Property Summary: 220 Queen Street, Winnipeg
Section 1: Key Characteristics & Appeal
This is a compact, one-storey home built in 1914, situated on a standard-sized lot in the King Edward neighbourhood. Its key characteristic is its exceptionally modest scale, with a living area of 578 sqft that places it among the smallest homes not just on its street, but across the entire city. The home features a renovated basement.
The primary appeal lies in its ultra-affordable entry point into the Winnipeg market, underscored by a very low municipal assessed value. This is a property defined by potential and land value rather than its current structure. It would suit a specific type of buyer: a hands-on investor looking for a rental opportunity with minimal upfront capital, a contractor seeking a renovation or infill project, or an extremely budget-conscious first-time buyer willing to live minimally while building equity. Its recent sale history suggests it trades more as an affordable asset than a conventional family home. A less obvious perspective is that its consistent below-average metrics across the board present a clear, unvarnished value proposition without the premium of size or modern finishes, allowing for a straightforward financial decision.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than the city-wide average?
The assessed value reflects the property's very small size, age, and basic condition relative to most city homes. It is priced as a modest entry-level asset.
2. What does "renovated basement" likely mean for a home of this age and size?
Given the home's vintage and compact footprint, this typically indicates functional updates for livability, such as moisture control, basic finishes, and legal egress. It may add crucial flexible space to the small main floor.
3. Who would be the most likely buyer for this property?
The most natural fit is an investor or handy homeowner seeking one of the most affordable entry points into the market, viewing it as a foundation for future rental income or a strategic renovation project rather than a move-in ready family home.
4. How does the lot size compare to the neighbourhood?
At 3,880 sqft, the lot is fairly typical for the King Edward area. This is a key point, as the value is more anchored in the land itself than the existing structure, which is significantly smaller than area averages.
5. The sold price history shows a wide range. What does this indicate?
The ranges suggest the property sells at a price point sensitive to specific condition and market timing at the lower end of the market. The significant jump between the 2016 and 2023 sale reflects broader market increases over that period, but it remains an exceptionally low-value transaction.