Property Overview
This is a compact, one-storey home built in 1912 on a standard city lot in Winnipeg's King Edward neighbourhood. Its key characteristic is its modest 515 sqft living area, which is notably smaller than most homes in the area and citywide. The property includes a detached garage and an unrenovated basement. Its assessed value is significantly lower than both local and city averages, reflecting its size and condition.
The primary appeal lies in its position as a true entry-point into homeownership, with very low property taxes due to its assessment. It suits a specific buyer: someone seeking the absolute minimum footprint and upfront cost, such as a first-time buyer on a tight budget, an investor looking for a basic rental property, or someone interested in the land value with plans for future expansion or rebuild. Its average-sized lot for the street offers a key advantage over the small house—providing outdoor space and future potential that many similarly priced units do not. The perspective here isn't about finding a move-in-ready dream home, but about securing an affordable asset with options.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city average?
The assessment is based primarily on the home's very small size (515 sqft), its age, and the fact that the basement is unrenovated. It reflects the property's current state as a basic, compact dwelling rather than an average family home.
2. What type of renovation would this home likely need?
Given the age and the note of an unrenovated basement, buyers should budget for essential updates. These typically include mechanical systems (plumbing, electrical, heating), insulation, and addressing any foundational or moisture issues in the basement. The small main-floor footprint means any cosmetic updates would be less costly in scope.
3. Is the price driven by the land value?
In part, yes. While the house itself is modest, the lot is a standard city size for the street. The value proposition combines a liveable, if tiny, existing structure with the underlying land, which holds potential for addition, garden space, or future redevelopment.
4. How do the low taxes work?
Property taxes are calculated based on the assessed value. With an assessment significantly below average, the annual tax bill will be proportionally very low, which is a major ongoing cost advantage for the owner.
5. What should I consider about the neighbourhood?
King Edward is a mature, central neighbourhood. It's wise to research typical amenities, traffic patterns, and the specific character of this block. Comparing recent sales of similar small homes on Collegiate Street and nearby (like the provided examples on Roseberry and Parkview) will give the best sense of local market value.