Property Overview: 487 Collegiate Street, Winnipeg
Section 1: Key Characteristics & Appeal
This one-and-a-half storey home in King Edward presents a compelling mix of space, location, and value. Its key characteristic is an above-average living area of 1,418 sqft, which places it in the top tier for size within both the immediate street and the broader neighbourhood. The standout feature, however, is the land: at over 5,400 sqft, the lot size is elite for the area, offering rare potential for gardening, expansion, or simply more private outdoor space than most nearby properties.
The appeal lies in this balance. The house itself, built in 1918, is a solid, character home with a renovated basement and a detached garage. It sits on a generously sized lot in a central neighbourhood, yet its assessed value remains accessible and is average for the local market. This creates a value proposition for buyers seeking more room—both inside and out—without a premium price tag. It would suit a practical buyer, perhaps a young family or a long-term investor, who values substantial lot size and interior space over a modern build or a high-end finish. It’s a property for those who see potential in the land and the solid foundation of a century home.
Section 2: Frequently Asked Questions
1. How does the lot size compare to a typical city property?
While the lot is exceptionally large for the King Edward neighbourhood, it is slightly below the city-wide average. This highlights the property’s true advantage: it offers a suburban-like yard in a mature, central area where such lots are uncommon.
2. The home was built in 1918. What should I consider?
As a century-old home, prospective buyers should prioritize a thorough inspection to understand the condition of major systems like wiring, plumbing, and the foundation. While the basement is noted as renovated, the overall maintenance and updating of a 108-year-old structure are key factors.
3. The assessed value seems low compared to the city average. Why?
The assessed value is set relative to similar properties in the local market. Its ranking shows it is average for King Edward but below the Winnipeg average, reflecting the more affordable character of this established neighbourhood compared to newer suburban areas.
4. What is the significance of the "Top X%" rankings provided?
These rankings show how this property compares to similar homes in three geographic circles: its own street, the King Edward neighbourhood, and all of Winnipeg. For example, its living area is in the top 6% on its street, meaning it is significantly larger than most direct neighbours.
5. Can I find out the exact historical sale prices?
The listing service provides estimated sale price ranges from public data. They offer to provide the exact figures via a manual email request, stating they will respond promptly without using the contact for unsolicited marketing.