Property Overview: 282 Cathcart Street, Varsity View, Winnipeg
Section 1: Key Characteristics & Appeal
This is a classic, single-storey home built in 1970, situated on a notably large, 5,380 sqft lot in the established Varsity View neighbourhood. With 864 sqft of living space, an unfinished basement, and no garage, it presents a straightforward, no-frills footprint. Its primary appeal lies in its generous land parcel—a significant asset in a mature inner-city area—offering ample space for gardening, expansion, or future development. The 2021 sale price of $265,000 and a current assessed value of $297,000 suggest a property positioned for value-conscious buyers.
This home would best suit a first-time buyer, an investor, or a downsizer looking for an entry point into a well-located community without a premium price tag. It’s a practical canvas: the unfinished basement and the large yard provide clear opportunities for customization and adding value over time. A less obvious perspective is its potential as a long-term hold; the lot size alone offers a hedge against inflation and future densification trends in the city, making it more than just the sum of its current living space.
Section 2: Frequently Asked Questions
1. What is the neighbourhood like?
Varsity View is a quiet, established residential area near the University of Manitoba. It offers a mature streetscape with a mix of original and updated homes, providing a stable community feel with convenient access to academic and recreational amenities.
2. What are the implications of an unfinished basement?
The basement provides essential utility space and significant storage but requires investment to be finished as living area. This is a key opportunity for a buyer to customize the space to their needs, but it also means immediate living space is limited to the main floor's 864 sqft.
3. How does the large lot size benefit me?
Beyond generous outdoor space, the 5,380 sqft lot is a standout feature. It offers rare potential for additions like a garage, a large deck, or landscaping projects that wouldn't be possible on a standard city lot. It also contributes significantly to the property's underlying value.
4. The home ranks low in size compared to others. Is it too small?
The rankings confirm this is a compact home relative to many others in Winnipeg. This makes it efficient and manageable, ideal for those seeking lower utility costs and minimal upkeep. The trade-off for the smaller interior is the unusually large outdoor space.
5. What does the price history and assessment indicate?
The 2021 sale at $265,000 and the current $297,000 assessment show a trajectory of increasing value. This can indicate a strengthening market for well-located lots and suggests the property has held its value well in recent years.