Property Overview
218 Queenston Street is a compact, character home built in 1927, situated on a standard-sized lot in Winnipeg's established North River Heights neighbourhood. Its key appeal lies in being an accessible entry point into a desirable area, offering a lower price point relative to its surroundings. The home last sold in late 2019 for between $300,000 and $350,000 and currently holds an assessed value of $350,000.
Key Characteristics & Ideal Buyer
This property is defined by its modest scale. With 928 square feet of living space, it is notably smaller than most homes on its street and in North River Heights, ranking in the bottom 10-15% for size in both categories. This translates to a correspondingly lower assessed value compared to neighbourhood averages, which are around $480,000. The lot size of 4,319 sq. ft. is fairly typical for the immediate street.
The primary appeal is location and value. It allows a buyer to secure a home in a well-regarded central neighbourhood without the typical price tag, ideal for those who prioritize area over square footage. It would suit a first-time homebuyer, a downsizer looking to maintain a community connection, or an investor seeking a character rental in a stable area. A thoughtful perspective is that its smaller size and vintage offer a chance for a simpler, lower-maintenance lifestyle or a manageable renovation project to add value, unlike larger, more expensive homes on the block.
Frequently Asked Questions
1. Why is the assessed value so much lower than the neighbourhood average?
The assessed value is closely tied to the home's living area, which is significantly smaller than the North River Heights average. This results in a valuation that is below average for the area but closer to the city-wide benchmark.
2. What does the sold price data from 2019 tell us?
The previous sale in the $300k-$350k range, near the current assessment, suggests a stable value history in that bracket. It indicates the property has functioned as a more affordable option in the area for some time.
3. Is the smaller living area a major drawback?
It depends on your needs. For some, it's a compromise for location. For others, it means lower utility costs, less upkeep, and a cozier footprint. It's crucial to view the layout in person to see if the space is functional for you.
4. How does the age of the home (built 1927) factor in?
The age is typical for the central part of the neighbourhood. It suggests classic character but also means potential systems (like plumbing, electrical, or the roof) may need attention or updating. A thorough inspection is highly recommended.
5. Are the property taxes likely to be lower?
Generally, yes. Since property taxes are based on the assessed value, this home should carry a lower tax burden than larger, higher-valued homes in North River Heights, which is a tangible financial benefit of the smaller size.