Property Overview: 508 Collegiate Street, Winnipeg
Key Characteristics & Appeal
This 2008-built bi-level home at 508 Collegiate Street presents a compelling mix of modern convenience and valuable land. With 777 sqft of living space, the home is compact and efficient, featuring a renovated basement. Its standout feature is the generous 5,423 sqft lot, which is significantly larger than most in the immediate King Edward neighbourhood and on Collegiate Street itself. This combination of a newer, low-maintenance home on a sizable plot is reflected in its above-average assessed value for the area.
The appeal here is rooted in practicality and potential. It suits first-time buyers or downsizers seeking a modern, manageable home without a hefty renovation list. The large lot is a major asset, offering ample outdoor space for gardening, play, or future expansion—a rarity for homes of this vintage in the city. It’s a property that prioritizes the value of land and a solid, newer structure over sheer interior square footage, making it ideal for those who see outdoor space as a key part of their lifestyle or long-term investment.
Frequently Asked Questions
1. How does the home’s size compare to others?
At 777 sqft, the living area is below the average for both the street and the wider King Edward neighbourhood. This indicates a efficient, compact layout suited to simpler living.
2. Why is the assessed value relatively high for a smaller home?
The assessed value ranks well above local averages, primarily due to the home’s newer construction (2008) and its substantially larger-than-average lot size, which are key factors in property valuation.
3. What does the large land area mean for a buyer?
The 5,423 sqft lot is a defining feature. It offers valuable outdoor space for recreation and gardening, and provides a tangible asset for the future, whether for personal enjoyment or potential property development.
4. Is the renovated basement included in the living area square footage?
Typically, finished basements are not included in official living area (sqft) calculations. The 777 sqft likely refers to above-grade space, with the renovated basement adding additional functional living area.
5. How does the property’s age affect its condition?
Built in 2008, the home is significantly newer than the neighbourhood average (often homes from the 1940s-50s). This suggests major systems like wiring, plumbing, and the roof are likely in good condition, reducing immediate repair concerns.