Property Overview: 207-500 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 for comfortable living. The property’s standout feature is its exceptional competitive positioning within its immediate area. It ranks in the top 1% of homes on its street, the top 5% within Elmhurst for its modern age, and surpasses 100% of comparable properties in the broader community for overall appeal—a rare distinction that speaks to a highly desirable location and building.
Its appeal lies in offering a balanced, low-maintenance lifestyle in a proven and sought-after setting. The 2022 sale price of $300,000, above the current assessed value, suggests a market-recognized premium for the unit. It suits first-time buyers seeking a move-in-ready home without yard work, downsizers looking to lock in a prime location with minimal upkeep, or pragmatic investors attracted by a property with strong relative rankings that may support stable value in its niche.
A less obvious perspective is that this condo represents a "sweet spot" in the market: it’s modern enough to avoid major near-term renovations common in older builds, yet established enough that its reputation within the community is clear. The lack of a garage or basement may be a trade-off for some, but it firmly positions this as a true lock-and-leave property, emphasizing convenience and location over expansive private storage.
Frequently Asked Questions
1. What do the "rankings" actually mean?
They are a relative comparison tool. For example, ranking in the "top 1% on its street" means this unit is considered more desirable than 99% of other properties on Cathcart Street based on the platform's combined metrics, highlighting its strong standing in the most immediate location.
2. Is the 2022 sale price relevant today?
While the market may have shifted, that sale provides a concrete, recent benchmark of what a buyer was willing to pay, confirming the property's value at that time. It's a crucial data point for understanding its market position relative to the current assessment.
3. Who is responsible for exterior maintenance and repairs?
As a condominium, the corporation is typically responsible for the building exterior, common areas, and major structural elements. Your monthly condo fee covers these costs, which is a key benefit for those seeking predictable housing costs and no yard maintenance.
4. What is the condo fee, and what does it include?
This essential information is not listed here. A buyer must review the condo corporation's financial statements and bylaws to determine the monthly fee and its specific inclusions (e.g., heat, water, building insurance, reserve fund contributions).
5. Why is there no garage or basement, and how is storage addressed?
The property is designed as a low-maintenance suite. The lack of private basement or garage storage is offset by the convenience of condominium living. Buyers should inquire about in-suite storage solutions and the availability of any shared building storage lockers for seasonal items.