Property Overview
This 1,086 sqft condo, built in 1999, is situated at 202-500 Cathcart Street in Winnipeg's Elmhurst neighbourhood. Its primary appeal lies in its exceptional competitive positioning within its immediate area. The property ranks in the top 1% of homes on its street, the top 0% within Elmhurst, and the top 0% city-wide for overall desirability (based on a combined ranking metric). It also benefits from being a relatively modern build, newer than 95% of homes in the community. While the assessed value is modest compared to its surroundings, this presents a value-oriented entry point into a highly ranked location. The unit does not include a basement or garage.
This property would suit a first-time buyer or an investor seeking a competitively strong, low-maintenance property in a well-regarded neighbourhood without a premium price tag. It’s also a practical fit for those who prioritize location and modern construction over expansive square footage or private amenities like a garage.
Frequently Asked Questions
1. What do the "rankings" actually mean?
They are relative comparisons based on a combination of factors. For example, ranking in the "top 0%" in the community means this property's overall score (considering age, size, and value) is higher than every other listed home in Elmhurst, indicating very strong local competitiveness.
2. The assessed value seems low for a top-ranked property. Why?
The assessment is based on municipal valuation for tax purposes, which doesn't always directly correlate with market price or desirability rankings. Its lower assessment compared to neighbours could mean a relatively lower tax burden while still enjoying the perks of the location.
3. Who is responsible for exterior and structural maintenance?
As a condo, these are typically managed and paid for by the condominium corporation through monthly fees. A buyer should review the corporation's financial health, reserve fund, and bylaws to understand what is covered.
4. What are the less obvious pros and cons of a 1999 build?
A pro is that major components (like roofing, windows) from that era may still have serviceable life but could be nearing planned replacement. A con is that the design and finishes may feel dated compared to brand-new builds, potentially needing cosmetic updates.
5. How important is the lack of a garage or basement in this context?
For some, this is a significant trade-off for the location. It means all storage and living space is contained within the unit's footprint, and vehicle parking will be limited to surface lots or street parking, which should be confirmed. This emphasizes the property as a streamlined, interior-living-focused home.