Here is a clean, summary of the property’s key details.

Key Characteristics & Buyer Profile

This is a compact home (760 sq. ft. of living area) built in 1978. Its primary appeal is not its size, but its value relative to its immediate surroundings. While the square footage ranks near the bottom citywide, the assessed value of $308,000 is notably above average for both Queen Street and the King Edward area. This suggests the property is in a location or condition that commands a premium compared to the typical homes in its immediate neighborhood.

The land (3,880 sq. ft.) is essentially average for the area, offering a functional yard without any exceptional space to maintain. The home is older than many in the city, but relatively newer than its closest neighbors on Queen Street.

Ideal buyers would be those prioritizing a solid asset in a specific locale over raw square footage. It suits investors or homeowners who value a higher land-to-building ratio in an established area, or those who see the smaller footprint as an opportunity for a manageable, cost-effective renovation rather than a limitation. It is less suitable for buyers needing multiple large bedrooms or a sprawling open-concept layout.

Frequently Asked Questions

1. Is this a good deal compared to other homes on Queen Street?
Yes, likely. The assessed value ($308K) is significantly higher than the street average ($255K), but the living area is much smaller (760 sq. ft. vs. 976 sq. ft.). This implies you are paying a premium for the location or lot, not the house itself. It’s a good deal if you value the land and location; it’s less of a deal if you are strictly paying for livable interior space.

2. Why is the assessed value high for an older, smaller home?
Assessed value reflects market factors beyond just square footage, such as lot desirability, location, and overall condition. Since the value is high relative to the neighborhood average, this property may have been renovated or sits on a particularly good block within Queen Street. It outperforms many of its nearby peers in value despite being physically smaller.

3. How does this property compare to the rest of Winnipeg?
It sits in the bottom 7% citywide for living area (most homes in Winnipeg are much larger). However, its assessed value is in the bottom 32% of the city. This means you are getting a home that is small even by city standards, but not as undervalued as its size suggests. The land is also smaller than the city median (bottom 24%).

4. Can I renovate or expand this home?
Possibly. The land is average for the area at 3,880 sq. ft., which is not large. While you could potentially add square footage, the space to expand is limited compared to homes on bigger lots. A more practical route would be to rework the existing 760 sq. ft. layout. Check local zoning for the King Edward area regarding secondary suites or additions.

5. Would this be a good starter home or a downsizing option?
It works for both, with caveats. For a first-time buyer, it offers a lower-cost entry point into a specific neighborhood with decent land. For someone downsizing, the manageable size and single-story (likely) layout are appealing. However, the specific layout at 760 sq. ft. should be reviewed closely for privacy or storage issues, as a poorly designed small space can feel cramped for two people.