Property Summary: 302 King Edward Street, Winnipeg
Section 1: Key Characteristics & Appeal
This is a compact, one-storey home built in 1954, offering a practical and affordable entry point into Winnipeg’s King Edward neighborhood. Its key characteristic is its modest 796 sqft living area, which is below the city average but quite typical for the immediate area. The home sits on a standard city lot of just under 4,000 sqft and features a renovated basement and a detached garage.
The primary appeal lies in its value and location. With an assessed value significantly below the city average, it represents a lower financial barrier to homeownership. It suits first-time buyers, downsizers, or investors seeking a straightforward, manageable property without the upkeep of a larger home. A thoughtful perspective is that its smaller size and average rankings within its own neighborhood suggest it’s a “core” example of the area’s housing stock—not an outlier, but a stable, representative property. The renovated basement adds functional living space, which is a key asset in a smaller home.
Section 2: Frequently Asked Questions
1. Is the living space too small?
At 796 sqft, the living area is below the Winnipeg average but ranks in the top 74% on its own street, meaning it’s actually more spacious than many direct neighbors. It’s a compact layout suited for individuals, couples, or small families.
2. What does the assessed value indicate about the price?
The assessed value is around average for the King Edward area but falls in the top 79% citywide (meaning it's lower than most of the city). This typically suggests a more affordable price point compared to the broader Winnipeg market.
3. How does the lot size compare?
The lot is approximately 3,954 sqft. This is slightly above average for the city overall but a bit smaller than the average lot on King Edward Street itself. It provides a standard outdoor space for a city home.
4. Has the property value been stable?
Based on its last sale in mid-2022, the sold price range was consistent with its current assessed value, indicating stability in its market segment over the past few years.
5. What is the likely condition of the home given its age?
Built in 1954, the home is of average age for its neighborhood and the city. The listing notes a renovated basement, which is a positive update. Buyers should budget for routine maintenance expected of a home from this era and consider a thorough inspection for major systems.