Property Summary: 824 Cathcart Street
Section 1: Key Characteristics & Appeal
This 1987-built two-storey home in Elmhurst offers a compelling blend of space, established character, and a strong positional value within Winnipeg. Its key characteristic is generous proportions, featuring 1,900 sqft of living space on a large 8,603 sqft lot, with a finished basement and an attached garage. The data reveals its standout appeal: it ranks in the top tier of homes locally for its lot size, living area, and assessed value, suggesting it is a substantial and above-average property for the area.
The home’s primary appeal lies in its established neighbourhood setting and proven investment strength. It suits buyers looking for a move-in-ready family home with room to grow, both indoors and outdoors, without the uncertainties of a new development. It would particularly resonate with value-conscious buyers who appreciate objective metrics—the home consistently ranks in the top 10-20% of its community and city across key categories like size and value, indicating a property that has historically outperformed its peers. A thoughtful perspective is that while the 1987 build date isn't new, it places the home in an era of solid construction after major building code updates, and its high rankings for assessed and recent sale value suggest it has been well-maintained and is considered a premium offering in its locale.
Section 2: Frequently Asked Questions
1. What does the high ranking in "Assessed Value" and recent sale price actually mean?
It indicates that, according to municipal assessment and the recent market, this property is valued significantly higher than most homes in Winnipeg (top 9%) and its immediate area. This typically reflects its larger size, desirable lot, and overall condition relative to the broader market.
2. Is the 1987 build year a concern?
Not inherently. A 39-year-old home means major systems (like roof, windows, furnace) may be at or past their typical lifespan and should be inspected. However, the age also means the neighbourhood and landscaping are mature, and any significant issues from newer construction eras have likely been resolved.
3. Who might this home not be suitable for?
It may not suit those seeking a brand-new, low-maintenance property or a ultra-modern open-concept layout, as some updates may be desired. The very high rankings also suggest the price point is premium for the Elmhurst area, so it's less suited for buyers seeking a starter home or absolute bargain.
4. The lot is large, but what is it like?
At over 8,600 sqft, the lot is a major feature, offering ample private outdoor space for gardening, play, or entertaining. The high ranking for lot size (top 13% on its street) means it is genuinely larger than most in the immediate vicinity, adding to privacy and potential.
5. Why did it sell for significantly above its assessed value in 2023?
The assessed value is for municipal tax purposes and can lag behind the current market. The 2023 sale price, which ranked even higher (top 5% in Winnipeg), reflects what a buyer was willing to pay in the competitive market at that time, confirming the property's strong market appeal beyond the official assessment.