240 Cathcart Street

Property Overview & Key Characteristics

This is a well-established, single-storey home in Winnipeg's Varsity View neighbourhood, built in 1969. Its primary appeal lies in its generous 7,211 sqft lot—a significant and increasingly rare asset in a central area—combined with a practical layout that includes a finished basement and an attached garage. The property presents a solid foundation in a sought-after location.

The home suits two main types of buyers: those looking for a manageable, single-level living space who value a large, private yard for gardening or recreation; and visionaries or builders who see the underlying value in the substantial lot itself, ideal for future expansion or redevelopment. While the house itself is of average size for the area, its high assessment value ranking suggests it is viewed as a premium property within its context, likely due to this lot potential and location. It’s a property that balances livability now with clear long-term equity potential.

Frequently Asked Questions

1. What is the neighbourhood like?
Varsity View is a mature, central neighbourhood known for its tree-lined streets, proximity to the University of Manitoba, and a mix of classic and modern homes. It offers a quiet, established community feel with convenient access to amenities.

2. Is the basement a legal suite?
The listing notes the basement is finished but does not specify it as a legal secondary suite. Buyers should verify its current compliance with local regulations if considering rental income.

3. How does the lot size compare to others?
At over 7,200 sqft, the lot is a standout feature. It ranks highly within the city, meaning it is larger than most Winnipeg properties and offers more space and privacy than typical newer lots.

4. The house was built in 1969. What should I expect?
While offering good structural bones and layout, a home of this age will likely have original or older major systems (like plumbing, electrical, roof). A thorough inspection is essential to understand the condition and plan for any updates.

5. Why is the assessment value ranking higher than the size/age rankings?
This indicates the city assessor attributes significant value to the property, likely due to the combined factors of its large lot size, desirable location, and the finished living space, outweighing the fact the house itself is not new or exceptionally large.