223-500 Cathcart Street

Property Summary: 223-500 Cathcart Street, Winnipeg

Key Characteristics & Appeal

This is a well-maintained, 1,099 sqft condo unit in Elmhurst, built in 2000. Its primary appeal lies in its exceptional competitive standing within its immediate surroundings. The property ranks in the top 1% of its street and top 3% of the Elmhurst community for its relatively newer build year, indicating it is among the most modern homes in the area. This offers a practical advantage in terms of potentially lower maintenance needs and updated building systems compared to older stock.

The unit suits first-time buyers, downsizers, or investors seeking a low-maintenance lifestyle without a large upfront investment. It’s particularly appealing for those who value location and a modern building over square footage, as its size is fairly average for the market. A thoughtful perspective is that its very high rankings for modernity contrast with its more modest rankings for size and assessed value. This suggests a property that trades sheer space for quality and efficiency within a desirable, established neighborhood. The lack of a basement or garage simplifies living and costs but requires a buyer comfortable with condensed storage and alternative parking.

Frequently Asked Questions

1. What do the rankings actually mean?
They show how this property compares to others in its immediate street, wider community, and all of Winnipeg. For example, ranking in the top 1% for build year on its street means it is newer than 99% of homes on Cathcart Street.

2. Why is the assessed value ranking lower than others?
The property ranks in the bottom 15-20% for assessed and last sold value in Winnipeg. This isn't necessarily negative; it primarily reflects the condo's more accessible price point compared to larger single-family homes. It indicates this is a competitively priced entry into a solid neighborhood.

3. Does "no basement" include in-suite storage?
The listing specifies no basement. Storage availability would be limited to the 1,099 sqft suite itself and possibly a designated locker or common area, which should be confirmed with the condo corporation.

4. The last sale was in 2018 for the same as the current assessment. What does that indicate?
It suggests the assessed value has remained stable, using that recent sale as a benchmark. Market conditions and unit upgrades since 2018 will be the key factors in determining its current market price.

5. Who is responsible for exterior maintenance and repairs?
As a condo, the corporation is typically responsible for the building exterior, common areas, and major structural elements. Owners pay a monthly fee for this, which covers these maintenance burdens and can be a major benefit for those seeking a hands-off property.