Property Overview: 106-500 Cathcart Street, Winnipeg
Section 1: Key Characteristics & Appeal
This is a well-maintained, second-floor condominium in Elmhurst, built in 1999. With 1,086 square feet of living space, it offers a practical layout for everyday life. The property has no basement or garage, which simplifies maintenance and reduces associated costs and responsibilities.
Its primary appeal lies in its exceptional location within its immediate community. The data shows it ranks in the top 1% of homes on its street and the top 5% within the broader Elmhurst neighborhood for its newer construction year, suggesting it is among the more modern properties in an established area. This creates a valuable combination of a contemporary living space within a mature, settled community. The unit has demonstrated solid market performance, with a clear appreciation in value between its 2019 and 2022 sales.
This property would ideally suit first-time buyers, downsizers, or investors seeking a low-maintenance lifestyle. It’s perfect for someone who prioritizes a modern, move-in-ready home in a prime spot within a desirable neighborhood over having a private yard or workshop space. The strong community rankings indicate a high-quality enclave, appealing to those who value their immediate surroundings.
Section 2: Frequently Asked Questions
1. What are the monthly condo fees, and what do they cover?
This is the most critical question for any condo purchase. The listing does not include this information, so you must obtain a detailed breakdown from the property management company to understand your monthly costs and the reserve fund's health.
2. How does having no basement or garage impact daily living?
This means all storage must be accommodated within the 1,086 sqft floor plan. For a car, you would rely on surface parking. This setup favors those who prefer a minimalist lifestyle or are comfortable utilizing clever built-in storage solutions.
3. The assessment value is lower than the 2022 sale price. Why?
Municipal property assessments for tax purposes often lag behind current market values and use a different valuation model. The 2022 sale price of $305,000 is a more accurate reflection of its recent market worth, and the assessment of $272,000 may result in proportionately lower property taxes.
4. The home ranks lower for size and value. Is that a concern?
Not necessarily. These rankings compare it to all homes, including large single-family houses. For a condo in this area, its size is functional. The more telling rankings are for its age and location, where it performs exceptionally well, highlighting its appeal as a modern unit in a prime spot.
5. What is the building's policy on rentals?
This is crucial for an investor or anyone considering future flexibility. You need to review the condominium bylaws to see if there are any restrictions on leasing the unit, such as a cap on the number of rental units or minimum lease terms.