578 Cathcart Street

Property Overview

This 1970-built one-storey home on a large 7,197 sqft lot in Elmhurst presents a specific and compelling value proposition. Its key appeal lies in the combination of a very generous, private yard—a rarity in the city—with a fully finished basement, offering functional space beyond its 873 sqft main floor. The recent sale price of $380,000 aligns closely with its assessed value, suggesting a stable, market-supported valuation.

The home suits practical buyers who prioritize land size and basement potential over a large main living area. It’s ideal for a first-time buyer seeking a manageable footprint with room to grow outdoors, or an investor looking for a property with solid fundamentals in a mature neighborhood. A thoughtful perspective is that while the living area ranks in a lower percentile, the property overall ranks in the top 15% in Winnipeg for lot size, highlighting that its primary asset is the land itself. It represents an opportunity to own a substantial piece of property where the future value may be more tied to the lot's potential than the current structure.

Frequently Asked Questions

1. How does the large lot size benefit me?
Beyond simple privacy, a lot of this scale (over 7,000 sqft) offers significant flexibility for gardening, recreation, adding a shed or workshop, and future expansion like a deck or patio. It's a feature that is increasingly difficult to find in established city neighborhoods.

2. The main floor is 873 sqft. Is that spacious enough?
The living area is compact, which suits efficient living and lower utility costs. Crucially, the fully finished basement effectively doubles the usable space, providing essential room for a family room, home office, or additional bedrooms that the main floor may not have.

3. The home was built in 1970. What should I be aware of?
While major systems may have been updated over the years, a home of this age warrants a thorough inspection. Pay special attention to the roof, original windows, and the plumbing/electrical systems to understand any upcoming maintenance or modernization needs.

4. The property ranks highly for lot size but lower for living area. What does this mean?
This contrast is the property's defining characteristic. It indicates you are purchasing a home valued for its land. For the right buyer, this is a positive: you gain a premium-sized yard while the price reflects the more modest living space, offering a unique trade-off.

5. The 2024 sale price is higher than the 2020 price. Is the neighborhood appreciating?
The increase from $320,000 in 2020 to $380,000 in 2024 reflects broader market trends. The fact that it sold very close to its assessed value suggests the price is viewed as fair and stable in the current market, not driven by speculation.