Property Overview: 469 Collegiate Street, Winnipeg
Section 1: Key Characteristics & Appeal
This one-and-a-half storey home, built in 1912, presents a unique opportunity in Winnipeg's King Edward neighbourhood. Its key characteristic is a significant discrepancy: the home has an above-average living space (1,081 sq ft) for its immediate area, yet it carries one of the lowest assessed values on its street and in the wider city. This suggests a property that is substantially undervalued, likely due to its unrenovated state and age, but which offers more interior room than many neighbouring homes.
The appeal lies squarely in its potential. It suits a specific type of buyer: the investor, renovator, or hands-on homeowner looking for a canvas. With a detached garage and a standard city lot, the fundamentals are in place. The recent sold price history indicates active market interest at a low price point. This isn't a move-in-ready home; its value is in the opportunity to create equity through modernization, making it ideal for those with a renovation budget and vision, or as a hold property in a central location.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than other homes?
The assessed value is typically based on market value and property characteristics. Given that this home's living area is above average for the area but its assessment is at the very bottom, it strongly indicates that the condition of the home (noted as an unrenovated basement) and its age are major factors, placing it in a "value-add" category.
2. What does "one-and-a-half storey" mean for this house?
This style, common for homes of this era, usually features a main floor and a second floor with sloped ceilings where the roof line begins. The upstairs space is fully usable but may have limited headroom in certain areas, offering character but sometimes requiring creative layout planning.
3. Is the land size a constraint for expansion or outdoor space?
At just over 2,700 sq ft, the lot is smaller than the city-wide average but typical for the neighbourhood. It provides adequate private outdoor space for a city home but may limit the footprint for large additions. Any expansion plans would need to carefully consider zoning bylaws and setback requirements.
4. The home sold twice recently (2023). What does that indicate?
Two sales within a short period can signal a few scenarios: it may have been purchased by an investor for quick resale, a renovation project that was reconsidered, or a private transfer. It underscores the property's status as a project and suggests a price point that attracts transactional activity.
5. What are the less obvious costs to consider?
Beyond renovation costs, a home from 1912 may have unseen necessities like updated electrical, plumbing, or insulation to meet modern standards. While the price is low, the total investment to bring the home to a comfortable standard could be significant and should be factored in from the outset.