Property Overview: 102-500 Cathcart Street, Winnipeg
Key Characteristics & Appeal
This is a well-maintained, second-floor condominium in the Elmhurst neighbourhood, built in 1999. With 1,062 sqft of living space, it offers a practical layout for comfortable living. Its standout feature is its exceptional competitive ranking within the local market. The property ranks in the top 1% of its street and the top 0% of both its neighbourhood and all of Winnipeg for its overall value proposition, indicating it is a highly efficient use of space relative to its price point.
The appeal lies in its proven stability and low-maintenance lifestyle. With no basement or garage to upkeep, it suits buyers seeking a straightforward, lock-and-leave property. It is particularly suited for first-time buyers, downsizers, or pragmatic investors looking for a move-in-ready unit with strong fundamentals. The recent sale history shows steady appreciation, suggesting a solid foothold in a desirable area. A thoughtful perspective: this unit represents a "value anchor" in its community—a property whose strong rankings signal it may hold its worth resiliently, even during broader market shifts, due to its established desirability on a hyper-local level.
Frequently Asked Questions
1. What do the "rankings" actually mean?
They are a relative measure of how this property compares to others in the immediate area. For example, ranking in the "top 0%" for the community means its combined metrics (like price per sqft) are more favourable than 100% of comparable listings, indicating strong market competitiveness.
2. Is the lack of a garage or basement a significant drawback?
This depends on lifestyle needs. It eliminates maintenance and storage costs but means relying on in-suite storage and likely street or shared parking. It's ideal for those prioritizing simplicity over space for vehicles or extensive belongings.
3. The assessed value is lower than the 2023 sale price. Why?
Municipal assessments for tax purposes often lag behind current market values and use a different valuation model. The recent sale price is the clearest indicator of its actual market worth.
4. Who is responsible for exterior maintenance and repairs?
As a condominium, the corporation is typically responsible for the building exterior, common areas, and major structural elements. Owners pay a monthly fee for this, which covers these upkeep costs and provides predictable budgeting.
5. The building is 27 years old. Should I be concerned about major repairs?
While the building is not new, its age means any significant initial issues have likely been addressed. A review of the condominium's reserve fund study and meeting minutes is essential to understand the financial health of the corporation and plan for any upcoming special assessments.