524 Cathcart Street

Property Overview

This 1971-built, one-storey home in Elmhurst offers a practical layout with 1,221 sqft of living space and a finished basement. Its most significant asset is the expansive 7,272 sqft lot, providing ample outdoor space that is increasingly rare. The home includes a detached garage and ranks highly for its lot size within Winnipeg, surpassing 85% of city properties. While the structure itself is of average size and age for its immediate area, the property’s overall assessed value sits above the Winnipeg median, suggesting its land value is a key driver. Its appeal lies in this land potential—whether for gardening, expansion, or future redevelopment—coupled with the move-in readiness provided by the finished basement.

It would suit a buyer looking for a solid, no-fuss bungalow who prioritizes yard space over a modern build. It’s a strong match for families, downsizers seeking single-level living with room for hobbies, or value-oriented investors who recognize the long-term asset of a large lot in a mature neighborhood. A less obvious perspective is that this property represents a balance: it offers stability in a settled community without the premium price of a newer home, allowing financial room for personalization or gradual updates.

Frequently Asked Questions

1. What does the ranking data actually mean?
The rankings compare this home against others on its street, in Elmhurst, and across all of Winnipeg. For example, ranking in the top 15% city-wide for lot size means the property is larger than 85% of homes in Winnipeg, highlighting its standout feature.

2. Is the house in need of major updates?
Built in 1971, the home is over 50 years old. While it offers a finished basement for immediate living space, buyers should budget for potential updates to major aging components like the roof, windows, or mechanical systems, which is typical for homes of this vintage.

3. How does the lot size add value?
The large lot is a permanent asset that provides privacy, space for recreation or gardening, and future potential. It contributes significantly to the property's assessed value being higher than the Winnipeg median, as land is a scarce commodity.

4. Who is the typical buyer in this area?
Elmhurst attracts a mix of long-term residents, families drawn to the space and established community feel, and practical buyers looking for solid value. The neighborhood offers more room than newer subdivisions, often at a lower price per square foot of land.

5. What are the advantages of a one-storey home with a finished basement?
The main floor provides accessible, single-level living, which is ideal for many lifestyles. The finished basement effectively doubles the usable living area, offering flexible space for a family room, home office, or guest suite without increasing the home's footprint.