555 Cathcart Street

Property Summary: 555 Cathcart Street, Winnipeg

Key Characteristics & Appeal

This is a character-filled, one-and-a-half storey home in Elmhurst, built in 1930 and sitting on an exceptionally large, mature lot of over 12,000 square feet. Its key appeal lies in the rare combination of a central location and a private, park-like setting that is larger than 97% of properties in Winnipeg. The home itself offers 1,255 sqft of living space with a finished basement and a detached garage.

The property would best suit a buyer who values space, privacy, and established neighborhoods over a brand-new build. It’s ideal for someone with a vision—perhaps a gardener, a family seeking room for children or pets to play, or a buyer planning a future expansion or renovation who is secured by the outstanding lot size. The rankings indicate a home with a premium asset (the land) but a structure that is dated and modest in size for the area, suggesting potential for the right owner to increase its value significantly. It’s less suited for those seeking modern, low-maintenance living or who are constrained by a strict renovation budget.

Frequently Asked Questions

1. What does the "one-and-a-half storey" design mean?
This typically refers to a home where the second level has sloped ceilings (following the roof line) and potentially dormer windows, creating cozy, character-filled bedrooms or living spaces that are distinct from a full two-storey layout.

2. The land is highly ranked, but the house itself and its assessed value rank lower. What does this indicate?
This pattern strongly suggests that the primary value of this property is in the land itself. The market is recognizing the lot as a premium, scarce asset, while the 1930-built home is likely seen as functional but dated, presenting a clear opportunity to increase the overall property value through updates or expansion.

3. Is the finished basement included in the 1,255 sqft living area?
No, the living area (1,255 sqft) typically refers to above-grade, heated space. The finished basement is an additional area that adds functional living space, such as for a family room, office, or extra bedrooms.

4. What are the implications of a "detached" or "split" garage?
A detached garage offers flexibility—it could be used as a workshop or studio without disrupting the main house. The main consideration is convenience, as you will need to go outside to access your vehicle, which can be a factor during Winnipeg winters.

5. The home is nearly 100 years old. What should I prioritize in an inspection?
Beyond standard systems, an inspection for a home of this age should pay special attention to the foundation, the condition of the original wiring and plumbing, roof structure and lifespan, and evidence of proper insulation and moisture control, especially in the basement and the finished lower level.