Property Overview: 533 Collegiate Street, Winnipeg
Key Characteristics & Buyer Appeal
This one-storey home on Collegiate Street in the King Edward neighbourhood presents a straightforward, value-oriented opportunity. Its key characteristic is its proportion: a modest 803 sqft house on a larger-than-average 4,340 sqft lot for the immediate area. Built in 1918, it’s a century-old property with an unrenovated basement and a detached garage. The appeal lies in its positioning as an affordable entry point into the Winnipeg market, with an assessed value significantly below the citywide average. The lot size offers tangible potential for expansion, gardening, or outdoor space that is uncommon for homes in its price range.
It would best suit a practical, hands-on buyer—perhaps a first-time homeowner comfortable with a project, or an investor looking for a land-value play. Its below-average living space and dated features mean it’s not a move-in-ready dream home, but for the right person, it represents a canvas. A less obvious perspective is its statistical averageness within its own street and neighbourhood context; it’s not an outlier, but a typical example of the area’s housing stock, which can be a positive for stability and predictable costs.
Frequently Asked Questions
1. What does the assessed value tell me about the likely selling price?
The assessed value is $23,600, which is below the city average but typical for King Edward. Recent sold price data (ranging from ~$25.5k to $28.5k in 2023) suggests the market price may trend slightly higher than the assessment, but still represents a very low price point for a detached house in Winnipeg.
2. Is the small living area a major drawback?
At 803 sqft, the living area is below averages for the street, neighbourhood, and city. This suits a minimalist household or someone viewing the house as a starting point. The larger lot provides a trade-off, offering space to potentially add on in the future, subject to zoning and permits.
3. What should I know about a house built in 1918?
Expect older building materials, systems, and layouts. While it has stood for over a century, a thorough inspection is crucial to understand the condition of the foundation, wiring, plumbing, and insulation. The "unrenovated basement" status implies it may be in original condition.
4. How does this property compare to others nearby?
The data shows this home is statistically average in most metrics (like assessed value and year built) for Collegiate Street and King Edward. Its lot size is actually above average for the local area. This indicates you are buying into the established norm of the block, not an anomaly.
5. Why is the citywide average assessed value so much higher?
The citywide average benchmark provided (~$390k) includes all types of homes across all neighbourhoods. This property’s assessed value is in the bottom 15% citywide, highlighting its position as one of the more affordable detached properties available, albeit likely requiring updates or maintenance.