Property Overview
This condominium at 212-500 Cathcart Street is a well-positioned unit in Winnipeg's Elmhurst neighbourhood. Built in 1999, its primary appeal lies in its established yet modern building age and its exceptional relative standing within its immediate area. The 1,358 sqft unit ranks in the top tier for size and newness compared to most other homes on its street and in the broader community. A recent sale in August 2023 at $285,000 provides clear, current market context.
The property would suit a practical buyer looking for a spacious, low-maintenance condo lifestyle without the premium of a brand-new build. It’s ideal for someone who values a strong positional ranking within a neighbourhood over a top-tier city-wide assessment value. The lack of a basement or garage suggests it appeals to those seeking simplicity, possibly downsizers or first-time buyers prioritizing interior space and location over additional storage or private parking.
Frequently Asked Questions
1. What do the ranking percentages actually mean for a buyer?
They show how this unit compares to nearby properties. For example, ranking "better than 99% of homes on its street" for lot area indicates it's among the very largest units on Cathcart, which is a significant locational advantage within its micro-market.
2. The assessment value seems lower than the recent sale price. Why is that?
Municipal assessments for tax purposes often lag behind current market values and use a different valuation model. The 2023 sale price of $285,000 is a more accurate reflection of its recent market worth than the $272,000 assessment.
3. Who is this property not well-suited for?
It would not suit buyers who require private outdoor space, a garage for vehicle or hobby storage, or those seeking a brand-new construction with the latest modern finishes and warranties.
4. The community ranking is higher than the city-wide ranking. What does that indicate?
This pattern suggests the Elmhurst neighbourhood itself is a competitive area with many desirable properties. The unit performs exceptionally well within its local context, even if its metrics are more moderate when compared to all properties across Winnipeg's diverse market.
5. Is the lack of a basement a major drawback?
It depends on lifestyle. It eliminates potential for a rental suite or extensive storage but also means no maintenance, moisture concerns, or renovation costs for below-grade space. All living area is on the main floors.