Property Overview: 206-500 Cathcart Street, Winnipeg
Key Characteristics & Appeal
This is a well-maintained, second-floor condominium in the Elmhurst neighbourhood, built in 1999. With 1,086 square feet of living space, it offers a practical layout in a quiet, established area. The unit has no basement or garage, emphasizing a low-maintenance lifestyle.
The primary appeal lies in its exceptional value and competitive standing within its immediate surroundings. The data reveals a compelling story: this unit ranks in the top 1% of properties on its street, and the top 5% within the broader Elmhurst community for overall desirability (based on a combined ranking metric). It is a newer build compared to many in the area, surpassing 88% of homes on its street and 95% in the community by age. While the municipal assessed value is modest at $225,000, placing it in a lower percentile for price, this creates a notable opportunity. It suggests a property that is highly regarded in its locale but may not carry a premium price tag, representing a potential value proposition.
This property would suit a first-time buyer, a downsizer, or an investor seeking an affordable entry into a stable Winnipeg neighbourhood. It’s ideal for someone who prioritizes location and community appeal over high-end finishes, and who desires a manageable home without the upkeep of a yard, basement, or exterior maintenance.
Frequently Asked Questions
1. What do the ranking percentages actually mean?
They show how this property compares to others in three areas: its specific street, the Elmhurst community, and all of Winnipeg. For example, being in the "top 1% on its street" means it outperforms 99% of the other 198 homes on Cathcart Street in the site's combined ranking formula, which considers factors like size and age.
2. The assessed value seems low. Does that mean it’s a bargain or a concern?
It can indicate a bargain relative to the unit's apparent standing in the neighbourhood, but it's a starting point for investigation. You should compare it with recent sale prices of similar condos in Elmhurst to understand the true market value. A lower assessment can also mean relatively lower property taxes.
3. Who is responsible for maintenance and repairs?
As a condominium, the condo corporation is responsible for the building's exterior, common areas, and major structural elements. You, as the owner, are responsible for everything within the unit's walls (interior finishes, appliances, etc.). Reviewing the condo corporation's financial health and reserve fund is crucial.
4. What are the less obvious pros and cons of a 1999 build?
A pro is that major building systems (like roofing, windows) from that era are likely still in good condition but may be nearing their replacement cycle. A con is that the unit's interior style (layouts, finishes) may feel dated compared to new builds, potentially requiring cosmetic updates.
5. The data shows it ranks highly locally but lower city-wide. Why is that?
This highlights the importance of micro-location. The unit is a top performer within its own, likely more affordable neighbourhood context. When compared to all property types and price points across the entire city, its metrics (like size and assessed value) are more average. This underscores its strength as a local value.