Property Overview: 402 Collegiate Street, Winnipeg

Section 1: Key Characteristics & Appeal

This bi-level home at 402 Collegiate Street in Winnipeg's King Edward neighbourhood presents a practical and modern living opportunity. Its key characteristic is its contemporary build, constructed in 2016, making it significantly newer than most homes on its street and across the city. This translates to less immediate concern for major system replacements and potentially lower maintenance. The home features a renovated basement and a living area of 930 sqft, which is quite typical and functional for the local area.

The primary appeal lies in this modern foundation within an established neighbourhood. For its size, it carries an assessed value that is notably above average for both Collegiate Street and King Edward, suggesting it is viewed as a well-maintained or updated property relative to its immediate peers. The lot size is compact at 2,710 sqft, which means less yard upkeep—a plus for some, but a limitation for those wanting extensive outdoor space.

This property would best suit first-time homebuyers, downsizers, or pragmatic investors seeking a turn-key, low-maintenance home. It’s for someone who values modern construction and efficiency over character or expansive square footage. A thoughtful perspective is that its higher assessed value within the context of older, often larger-lot neighbours indicates it may offer a premium for modern convenience in a neighbourhood where that is a rarity.

Section 2: Frequently Asked Questions

1. Is the lot size a drawback?
The lot is smaller than the average for the street and city, which limits expansive gardening or large outdoor recreation space. However, it also means less time and cost spent on yard maintenance, which can be a positive for those seeking a lock-and-leave lifestyle.

2. Why is the assessed value higher than many neighbours?
The 2016 build date is a major factor. Assessed value considers the age and condition of the property. Being decades newer than most surrounding homes, with a renovated basement, it logically commands a higher valuation due to modern materials, systems, and expected lower repair costs.

3. What does the "bi-level" design mean for daily living?
A bi-level typically has a short flight of stairs to the main living area (often containing living room, kitchen, dining) and another short flight down to bedrooms or up to additional rooms. It offers good separation of space but involves more stairs than a bungalow.

4. How does this home compare size-wise to others in Winnipeg?
With 930 sqft of living area, it is below the city-wide average. It is, however, very much in line with the average home size in both the King Edward neighbourhood and on Collegiate Street itself, indicating it's a standard, functional size for this specific location.

5. There's no garage. What are the parking options?
The listing indicates no garage. Parking would be via on-street permits or a potential driveway if the lot allows (check with the city for regulations). This is common for older, central neighbourhoods and should be factored into your planning.