720 Cathcart Street

Property Overview

This 1978-built, one-storey home on a large 7,408 sqft lot in Elmhurst presents a solid, move-in-ready opportunity. Its key appeal lies in a combination of above-average space and established value. With 1,285 sqft of living space and a finished basement, it offers practical single-level living. The property stands out for its lot size, ranking in the top 30% on its street, providing ample outdoor space uncommon in many newer subdivisions. Recent market activity confirms its desirability; a sale in October 2024 at $522,000 significantly surpassed the assessed value and outperformed the vast majority of comparable sales in Winnipeg. This suggests a home that is well-maintained and in demand.

The home suits first-time buyers or downsizers looking for a manageable layout without sacrificing yard space. It also appeals to the value-conscious buyer who prioritizes a proven, stable investment in a mature neighbourhood over a brand-new build. The strong rankings in both lot size and recent sale price indicate a property that holds inherent, tangible assets (land) and has demonstrated its market worth.

Frequently Asked Questions

1. How does the recent sale price compare to the assessment?
The home sold for $522,000 in October 2024, which is approximately $55,000 above its current assessed value of $467,000. This indicates strong buyer demand and a market valuation that exceeded the city's assessment for taxation purposes.

2. What does the "ranking" data actually mean?
The rankings show how this property compares to others in its immediate area. For example, its lot size is larger than 70% of homes on its street, and its final sale price was higher than 98% of recent street sales. These figures highlight its competitive strengths in specific, measurable categories.

3. Is the basement included in the 1,285 sqft living area?
No. The 1,285 sqft refers to the above-grade living space. The home also has a separate, finished basement, which adds significant additional functional space to the property.

4. What are the implications of the home being built in 1978?
As a 48-year-old home, buyers should anticipate maintenance and updates consistent with its age. However, the data shows it outperforms 61% of Winnipeg homes in sale price, suggesting it has been kept in good condition or has desirable features that offset its age.

5. Why might the lot size be a significant advantage?
The large lot (over 7,400 sqft) offers rare potential for expansion, gardening, outdoor recreation, or future additions like a shed or deck. In mature neighbourhoods, this amount of private outdoor space is increasingly valuable and difficult to find, contributing to long-term value.