This is what a $1 million house in Canada looks like
If you've been holding out hope that the COVID-19 pandemic might help lower house prices in the nation's capital this year, you might want to think again.
According to Zolo Realty, this little house located on Northeastern Avenue in Ottawa was originally listed for $699,000 but recently sold for over a jaw-dropping $1 million.
The minuscule one-bedroom house drew in eight offers but was ultimately scooped up by a Toronto developer who plans on tearing it down and building semi-detached homes in its place.
Despite the global pandemic, bidding wars and offers well over asking are pretty much the norm these days. In Ottawa, prices for residential properties have jumped 22 per cent year after year, according to the Ottawa Real Estate Board.
In core city districts, for instance, average prices have reached $660,000, a 21 per cent increase from August 2019. Residential listings, however, were unsurprisingly down 50 per cent from last year.
"A culmination of factors has been playing into the price increases in Ottawa’s resale market. Certainly, multiple offers are a dominant element," said Ottawa Real Estate Board President Deb Burgoyne in a news release.
"The reason that we have so many offers highlights the number of active buyers in the market – due to a variety of dynamics, such as record low mortgage rates, recently announced decreased debt/equity thresholds, migrating buyers coming from larger markets who may have received high returns on their home sales, etc."
The home was originally owned by sisters Heather and Donna Bramley who wanted the net proceeds to be donated to the Children's Hospital of Eastern Ontario, according to the Ottawa Citizen.
Join the conversation Load comments