Property Overview: 116-500 Cathcart Street, Winnipeg
Key Characteristics & Appeal
This is a well-maintained, 1,115 sqft condo unit built in 2000, located in the Elmhurst neighbourhood. Its primary appeal lies in its exceptional relative standing within its immediate community. The data indicates it ranks in the top tier for its area, surpassing nearly all comparable homes in Elmhurst for overall size and newer construction. This suggests a well-regarded and established building in a desirable local context.
The property suits practical, value-conscious buyers looking for a turnkey home without the maintenance responsibilities of a house. It’s ideal for first-time buyers, downsizers, or investors seeking a stable rental property in a mature neighbourhood. A thoughtful perspective is that its high community ranking offers a sense of "local premium" – you’re buying into one of the better-rated properties on the block, which can contribute to long-term stability and pride of ownership, even in a modest condo. However, the absence of a garage or basement means storage and parking require consideration.
Frequently Asked Questions
1. What do the ranking percentages actually mean?
They show how this unit compares to other houses in its immediate street, neighbourhood, and all of Winnipeg. For example, ranking in the top 1% on its street for size means 99% of homes on Cathcart Street are smaller. It's a measure of relative standing, not an absolute grade.
2. The assessed value is $235,000, but it sold for $225,000 in 2022. Is that a concern?
Not necessarily. The 2022 sale price sets a recent market benchmark. The slightly higher current assessment is typical and reflects the municipality's valuation for tax purposes, which often lags behind or differs from actual market sales.
3. Are there any maintenance fees or condo corporation details?
This listing does not include that critical information. For any condo, you must request the condo corporation's financial statements, bylaws, and reserve fund study to understand monthly fees, rules, and the building's financial health.
4. The home is newer than 80% of Winnipeg houses. What are the pros and cons of a 2000 build?
Pros include modern construction standards, likely updated systems, and less immediate need for major renovations. A potential con is that it may not have the character of an older home, and some components (like original appliances or roofing) could be nearing the end of their typical lifespan.
5. There's no garage or basement. What are the alternatives?
You will need to inquire about dedicated surface parking or a parking pad. The lack of basement storage means utilizing the main floor square footage efficiently or investigating if the building offers any shared storage lockers. This is a key practicality to clarify before purchasing.