Property Overview
This 2024-built, two-storey home at 478 Collegiate Street in Winnipeg's King Edward neighbourhood stands out for its modern construction and efficient design. Its key appeal lies in offering a like-new living experience within a mature, established area. With 1,532 sqft of living space, it is significantly larger than most homes on its street and in the immediate area, placing it in the top 3% locally. The fully renovated basement adds functional space. While the lot size is typical for the street, it is smaller than the Winnipeg city average, resulting in a low-maintenance yard. The property’s assessed value is notably high for the area (top 1%), reflecting its newness and size relative to its older neighbours.
This home is ideally suited for buyers seeking modern finishes, energy efficiency, and minimal immediate upkeep without moving to a distant suburb. It would particularly appeal to professionals or small families who value a turn-key property and more interior space over a large garden. A thoughtful perspective is that this property represents a shift in the neighbourhood's character, offering a contemporary lifestyle amid traditional homes, which can be a compelling long-term investment as areas evolve.
Frequently Asked Questions
1. Why is the assessed value so much higher than neighbouring properties?
The assessment is based on the home being brand new (built in 2024) with modern materials, systems, and a renovated basement. Its living area is also substantially larger than the local average, justifying a higher value compared to the older, often smaller homes surrounding it.
2. What does the "top 1%" ranking for year built mean?
It means this is one of the newest homes not just on the street, but in the entire city. Compared to the local average build year of 1948, this property is a rare, modern construction in an older neighbourhood.
3. Is the smaller lot size a disadvantage?
It depends on your lifestyle. The lot is standard for Collegiate Street but below the citywide average. This means less outdoor maintenance, which is a benefit for many, but may not suit those wanting extensive gardening or large private outdoor space.
4. What is the likely appeal of this specific location?
You are purchasing a new home in a long-established neighbourhood. This offers the charm and mature tree canopy of an older area with the convenience, layout, and efficiency of a modern build, potentially offering the best of both worlds.
5. The sold price history shows a sale in 2022 for a much lower price. What does that indicate?
The 2022 sale likely reflects the value of the vacant lot or a previous structure before the current home was built in 2024. The current value is based entirely on the newly constructed house that now exists on the property.