Property Overview: 324 Queen Street, Winnipeg
Key Characteristics & Appeal
This is a compact, one-storey home built in 1949, situated on a notably large lot for its King Edward neighbourhood. With 546 square feet of living space, it is among the smallest homes in the city, indicating a property that is fundamentally about the land it sits on rather than the size of the existing structure. The appeal lies in its potential and its positioning as an entry point into the market. The assessed value is very low, both for the street and city-wide, reflecting the home's modest condition (the basement is noted as not renovated) and size.
It would suit a specific type of buyer: a hands-on investor looking for a land-value play, a first-time buyer with renovation skills seeking an affordable foothold, or someone interested in a minimalist living scenario with ample outdoor space. Its standout feature is the 5,782 sqft lot, which ranks in the top 7% within King Edward, offering rare redevelopment or expansion potential that is uncommon for the area. This isn't a move-in-ready family home, but a base for future plans.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city-wide average?
The assessed value reflects the existing structure's very small size and unrenovated condition. The value is primarily in the land, which is significantly larger than typical lots in the immediate neighbourhood.
2. What does "Top 100%" for Living Area mean?
This means that, compared to all homes in Winnipeg, this property's living area is in the smallest percentile. It ranks 193,844 out of 194,458, confirming it is one of the most compact houses in the city.
3. Is the large lot a benefit for future plans?
Yes. The lot size is well above average for King Edward (top 7%), providing unusual flexibility. This could make the property a candidate for a significant expansion, a garden suite, or eventual redevelopment, subject to zoning and permits.
4. How recent is the sale history, and what did it sell for?
The most recent recorded sale was in April 2022, with a public price range between $22.5k and $25.5k. This recent transaction at a low price point reinforces the property's status as a land-value opportunity.
5. Who should consider this property, and who should avoid it?
This property is for buyers focused on land value and long-term potential, who are comfortable with a major project or a very modest living space. It is not suitable for those seeking a turn-key home, significant existing square footage, or who are not prepared for the work an unrenovated, small house entails.