Property Overview
This 1,163 sqft condo, built in 1999, is situated at 204-500 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 its street and the top 0% of both its community and all of Winnipeg for its lot size, suggesting a well-above-average unit footprint or building ratio that offers more space than most comparable listings. While its assessed value and recent sale price position it as a more accessible entry point within the market, it outperforms a majority of properties in age, ranking newer than 88% of homes on its street. This combination presents a value-oriented proposition of relatively modern construction with a standout amount of space for the price.
It would suit a practical, value-conscious buyer—perhaps a first-time purchaser or an investor—who prioritizes space and modern building age over premium finishes or a high assessed value. The buyer likely understands that a lower assessment can mean lower property taxes, viewing it as a feature for long-term holding rather than a drawback. This is a property for someone who sees statistical advantage in the rankings and is comfortable in a building that may not have luxury amenities like a garage or pool.
Key Questions & Considerations
1. What do the "top 1%" rankings actually mean for me?
They indicate this specific unit has a larger lot size allocation (or building footprint) than almost all other properties in its comparison groups. In practical terms, this could translate to a more spacious floor plan, larger rooms, or a better unit-to-common-area ratio than is typical.
2. The assessed value is lower than many in the area. Is this a concern?
Not necessarily. A lower assessment typically results in lower annual property taxes, which is a financial benefit. It may reflect the building's overall value or specific market conditions at the time of assessment rather than the unit's livability.
3. Who is this property not ideal for?
It's likely not suited for buyers seeking a premium, high-finish condo with amenities like underground parking, a pool, or a brand-new building. The focus here is on space and value within a solid, late-90s construction.
4. The 2023 sale price was below the current assessment. How should I interpret this?
The sale price reflects what a buyer was willing to pay in a specific market moment. It suggests the unit may offer value, but it's essential to understand the context of that sale (e.g., condition, motivation) and compare it to current market conditions.
5. What are the less obvious things to consider?
The "newness" ranking is strong, meaning major building components like roofs and windows are likely more recent than in many older buildings, potentially reducing near-term special levy risks. However, as a 27-year-old building, a review of the condo's reserve fund study and minutes for upcoming maintenance is crucial. Also, the lack of a garage means factoring in the cost and availability of street or surface parking.