Property Overview: 296 Patrick Street, Winnipeg

Section 1: Key Characteristics & Appeal

This home at 296 Patrick Street is a classic, early-20th century residence in the Logan-C.P.R. neighbourhood. With 1,138 sqft of living space on a 3,243 sqft lot, its size is very typical for its immediate street and area, offering a comfortable footprint without being oversized. The home’s 1905 build date means it carries historic character, but also suggests that its condition and updates will be a primary focus for any buyer.

Its core appeal lies in its established location and straightforward value. The assessed value ($16,900) is consistent with similar homes on Patrick Street and in Logan-C.P.R., indicating it’s priced in line with local norms. However, a thoughtful perspective is that this home represents a quintessential “city-average” property in many metrics—it’s not an outlier in size, value, or age within its micro-market. This can be a strength for a buyer seeking an affordable, no-surprises entry into homeownership in a long-standing neighbourhood, rather than a speculative investment.

This property would best suit a pragmatic first-time buyer or an investor looking for a stable rental property. It’s ideal for someone comfortable with the maintenance realities of an older home and who values location and function over modern size or luxury finishes. The buyer should be prepared to investigate the home’s specific update history and condition, as its value will be closely tied to its state of repair.

Section 2: Frequently Asked Questions

1. Why is the citywide assessed value average so much higher ($390k) than this home’s value?
This highlights a key difference between neighbourhood pricing and citywide averages. The citywide figure includes newer, larger homes in suburban areas. This property’s value is accurately reflected by its direct local comparisons, where similar homes are assessed in the $16k-$17k range.

2. What does the 1905 build date mean for me as a buyer?
Homes from this era often feature solid construction and classic layouts, but will likely require updates to mechanical systems (like plumbing and wiring), insulation, and windows. A thorough inspection is essential to understand the current condition and any needed investments.

3. The lot size is below the citywide average. Is that a concern?
Not within the context of this neighbourhood. Your lot is actually slightly larger than the average for both Patrick Street and Logan-C.P.R. It provides a standard urban yard space typical of the area.

4. There’s no public sales history listed. How can I determine market value?
You can request the exact sold price history manually via the provided email service. Additionally, the assessed value and the list prices of the “worth viewing” comparable properties (like 253 Patrick St. and 449 Henry Ave.) are crucial benchmarks for current market value.

5. Who are the most likely neighbours or tenants in this area?
Logan-C.P.R. is a mature, central neighbourhood. It often attracts a mix of long-term residents, young professionals, and students (given its proximity to downtown and the University of Winnipeg), offering stable rental demand for investor-buyers.