115-500 Cathcart Street

Property Overview & Key Characteristics

This 1,092 sqft condo unit at 115-500 Cathcart Street, built in 1999, presents a practical and affordable entry point into Winnipeg's Elmhurst neighborhood. Its primary appeal lies in its exceptional value positioning and low-maintenance lifestyle. The recent sale price of $260,000 is notably higher than its assessed value, suggesting strong market interest. The unit ranks in the top tier for its area in terms of building age (newer than 95% of the community) and sits in the 99th percentile for unit size within its specific street, indicating it is one of the larger options in its immediate building or complex. However, it does not include a basement or garage.

This property would suit first-time buyers seeking a foothold in the market without the upkeep of a house, or downsizers looking to simplify. Its competitive rankings for size and age on its street hint at a well-situated unit within the building, possibly with better-than-average proportions or layout for the complex. The buyer is likely value-conscious, prioritizes location and interior space over private outdoor amenities, and is comfortable with the condo fee structure that covers exterior maintenance.

Frequently Asked Questions

1. What does the ranking data actually mean for a buyer?
The rankings show how this unit compares to others nearby. For example, being newer than 95% of homes in Elmhurst is a plus for system longevity, while ranking in the top 1% for size on its street confirms it's a spacious unit for that specific address, which is a key advantage in condo living.

2. Why did it sell for significantly more than its assessed value?
This is common and reflects current market demand exceeding the municipality's assessed value for tax purposes, which often lags the market. It indicates buyers saw value in the property worth a premium, potentially due to factors like updates, interior condition, or desirable building amenities.

3. Are there any obvious drawbacks based on this data?
The lack of a garage or basement means all storage and living space is contained within the unit's footprint. The rankings also show its value is very high for the area, which is positive for equity, but future resale may be influenced by how the broader building and complex are maintained.

4. What is the neighborhood (Elmhurst) like?
Elmhurst is a mature, established neighborhood in Winnipeg. Its high ranking for this property's value within the community suggests it's an affordable area relative to the city overall, often appealing to those seeking central convenience without a premium price tag.

5. What should I investigate further before considering this property?
The condo fee amount and what it precisely covers (heat, water, building insurance, reserves) are critical, as they significantly impact monthly costs. A review of the condo corporation's financial health and reserve fund study is essential to avoid special assessments. Also, understanding the building's rules (pets, rentals, renovations) is a key next step.