Property Overview: 308 Cathcart Street
Key Characteristics & Appeal
This is a well-situated, single-storey home in the established Varsity View neighbourhood. Its primary appeal lies in a combination of generous outdoor space and solid fundamentals. The property sits on a large, approximately 6,500 sqft lot, offering significant potential for gardening, play, or expansion, which is a notable asset for the area. The home itself is a manageable 1,007 sqft with a finished basement and a detached garage, presenting a practical layout for daily living.
Its value proposition is grounded in its strong relative position within the broader Winnipeg market. The home ranks in the top 35% of the city for assessed value and the top 23% for lot size, suggesting it is perceived as a substantial property compared to the wider market. It would particularly suit first-time buyers or downsizers looking for a low-maintenance, single-level floorplan in a central, mature neighbourhood, or an investor/renovator attracted by the large lot and the value-add potential of a home built in 1970. A less obvious perspective is its appeal to those seeking stability; its assessed value has risen steadily from its 2017 sale price, indicating a history of measured growth in a neighbourhood that has maintained its desirability.
Frequently Asked Questions
1. How does this home compare to others in Varsity View?
It holds a competitive position. It ranks above the neighbourhood average for lot size (top 61%) and assessed value (top 48%), but is slightly older and smaller in living space than many area homes. You are paying a premium for the land and location more than for a large or modern house.
2. What does the "finished basement" entail?
The listing confirms the basement is finished but does not specify the extent or quality. This is a key point for clarification, as it could range from a basic rec room to additional legal bedrooms or a separate suite. A viewing and inquiry about permits is essential.
3. Is the large lot a benefit for future expansion?
Potentially, yes. The lot size is a significant feature and could allow for additions, a garage upgrade, or extensive landscaping. Any major changes would require checking with the city for zoning bylaws, setback requirements, and permitting.
4. The home is over 50 years old. What should I be aware of?
While the structure has proven durable, a thorough inspection is crucial to assess the condition of major systems typical for its age, such as the roof, plumbing, electrical, and foundation. The recent rise in assessed value suggests ongoing upkeep, but due diligence is needed.
5. How stable has the property's value been?
The home sold for $332,000 in 2017 and now carries an assessed value of $398,000. This indicates a consistent upward trend in line with or exceeding broader market movements in Winnipeg over that period, reflecting the enduring appeal of the location and property type.