Property Summary – Queen Street, Winnipeg

Key Characteristics & Buyer Profile

This is a 1912-built home with roughly 1,000 square feet of living space on a 3,883-square-foot lot. The living area is slightly above average for its immediate street and neighbourhood—Queen Street and King Edward—but falls in the bottom quarter citywide, reflecting how compact older Winnipeg housing stock can be. The assessed value of $234,000 also lands in the bottom tier both locally and citywide, which likely points to a modest interior finish or deferred updates rather than a distressed location.

The appeal here is straightforward: a manageable footprint on a reasonably sized lot in a mid-tier neighbourhood, at a price point well below citywide medians. Buyers who might suit this property include first-time owners looking for something solid but not precious, or investors who value the larger land-to-building ratio (nearly 4:1) over the house itself. The home’s age (bottom 8% citywide) means systems and structure matter more than cosmetics—this is a property where due diligence pays, not a turnkey purchase. The trade-off is clear: lower entry cost for older bones and likely higher maintenance predictability.

FAQs

1. How does this home compare to others on Queen Street?
It sits around the middle for living area (44th percentile) but toward the bottom for value (41st percentile) and year built (25th percentile). That suggests it’s not the smallest or most dated on the street, but it may need more work or have fewer upgrades than neighbours.

2. What does the land-to-building ratio mean practically?
With roughly 3,883 square feet of land and 1,000 square feet of house, you have significant outdoor space for a city lot. That could allow for a garage, larger garden, or future addition—but check zoning first. It also means a larger share of your property value sits in the land, which can appreciate differently than the structure.

3. Why is the assessed value in the bottom 14% citywide when the area itself isn’t unusually cheap?
The property’s value rank is notably lower than the neighbourhood average. This likely reflects the specific home’s condition, size, or lack of recent improvements rather than the area dragging it down. Comparable homes in King Edward average $258,000; this one sits $24,000 below that.

4. Should I be concerned that it was built in 1912?
Age alone isn’t a dealbreaker, but it shifts the focus to plumbing, electrical, foundation, and insulation—systems that may have been updated or not. Homes from this era often have solid framing but can hide asbestos, lead, or knob-and-tube wiring. A good inspection is essential, not optional.

5. Is this a good fit for a rental or investment property?
Possibly, if the purchase price reflects the lower assessed value and you’re comfortable with older construction. The 4:1 land-to-building ratio could allow for a secondary unit or redevelopment down the line, but near-term cash flow will depend on local rents for a ~1,000 sq ft home and the cost of any immediate repairs.