Property Summary: 650 Cathcart Street, Winnipeg
Section 1: Key Characteristics & Appeal
This 1978-built, one-storey home in Elmhurst sits on a generous 7,061 sqft lot, offering more outdoor space than most city properties. With 1,180 sqft of living space and a finished basement, it provides practical, single-level living. Its standout feature is the detached split garage, a significant asset for workshop enthusiasts, hobbyists, or families needing extra storage.
The appeal lies in its established neighborhood setting combined with strong value metrics. The property ranks highly for its lot size and assessed value within Winnipeg, indicating a solid foundation. It’s particularly suited to first-time buyers or downsizers seeking a manageable home with a large yard, or to practical buyers who value functional outbuildings over purely cosmetic updates. The 2022 sale price suggests the home has been in a cycle of recent ownership, potentially indicating move-in readiness.
Section 2: Frequently Asked Questions
1. What does the ranking data actually tell me?
The rankings compare this property to others on its street, in Elmhurst, and across all of Winnipeg. For example, ranking in the top 17% city-wide for lot size means the yard is significantly larger than most, a key advantage. The high assessment value ranking suggests it is valued favorably by the tax authority compared to similar homes.
2. Is the finished basement included in the 1,180 sqft living area?
No, typically the listed "living area" refers to above-grade square footage. The finished basement is an additional space, adding to the home's functional footprint.
3. The home sold for significantly above its current assessed value in 2022. Why?
Assessed value is for municipal tax purposes and often lags behind the market. The 2022 sale price is a concrete market transaction, reflecting what a buyer was willing to pay at that time. This gap can sometimes indicate potential for equity, but it's wise to understand what specific features drove that prior sale.
4. What are the implications of a "split garage"?
A split garage typically means a detached, two-car garage with two separate overhead doors. This is often preferred over a single, wide door for structural stability and can offer more flexible use of the space inside.
5. As a 48-year-old home, what should I prioritize during an inspection?
Given its age, core systems should be a key focus. Have the roof, foundation, electrical (ensuring it's been updated from any original aluminum wiring), plumbing, and heating/cooling systems thoroughly evaluated. The condition of the finished basement, including moisture prevention, is also crucial.