Property Summary: 218-500 Cathcart Street, Winnipeg
Key Characteristics & Appeal
This is a well-maintained, modern condo unit in the Elmhurst neighbourhood, built in 2000. Its primary appeal lies in its exceptional relative standing within its immediate area. The property ranks in the top 1% of its street and the top 3% of its community for being a newer build, suggesting it is among the most contemporary homes in the locale. With 1,115 sqft of living space, it offers a comfortable footprint that is middle-of-the-road for the area, suitable for a small family, couple, or individual seeking space without excessive upkeep.
The standout perspective is its value-positioning. While its assessed value is on the lower end compared to neighbours, this creates a potential opportunity for buyers seeking an entry into a desirable, established community with a newer building, without the premium price tag of the area's highest-valued homes. It would particularly suit pragmatic, value-conscious buyers who prioritize a modern building foundation and community ranking over maximum square footage or luxury finishes. The lack of a basement or garage points to a lock-and-leave lifestyle with lower maintenance responsibilities.
Frequently Asked Questions
1. What do the ranking percentages actually mean?
They show how this property compares to others in the direct area. For example, ranking in the top 1% for age on its street means it is newer than 99% of the homes on Cathcart Street, a significant advantage for maintenance and systems.
2. The assessed value seems low relative to the community. Is this a concern?
Not necessarily. Assessment values are for municipal tax purposes and can lag behind market trends. The 2019 sale price was also below community averages, indicating this may be a consistently more affordable option within Elmhurst, which could mean a lower entry point and potentially lower property taxes.
3. Who is this property best suited for?
It's ideal for first-time buyers, downsizers, or investors seeking a modern, low-maintenance condo in a mature neighbourhood. The rankings suggest you get a newer property in a well-regarded area without paying for the community's highest-priced features.
4. What are the main trade-offs for the price and rankings?
You are trading space and features like a garage or basement for the advantage of a newer building and strong community standing. The living area is average, and the lack of a garage is a consideration for vehicle storage or workshop space.
5. How stable has the property's value been?
Based on the provided data, it sold for $205,000 in 2019 and now carries a $230,000 assessed value. This indicates modest growth in the assessed value over a five-year period, but a current market evaluation would be needed to determine the present market value.