This house in a small Ontario town just sold for more than $1 million over the asking price
Unfortunately for those hoping to buy a house in Ontario, the phenomenon of skyrocketing real estate prices isn't just reserved for Toronto, and is happening across the province right now as experts worry that the entire Canadian market is overheating.
Though bidding wars and houses going for over asking — and for ridiculous amounts — are the norm in the GTA, those now willing and able to leave the city amid lockdown and the work-from-home trend are driving up housing prices and competition in other locales.
See, for example, one home in Renfrew, Ontario, at 4420 River Road that just sold for $1.1 million over than the listing price.
The sprawling lakefront home situated one hour east of Ottawa is similar to others that are fast increasing in value across Ontario cottage country this year, but also comes equipped with some bougie perks amid its rather simple farmhouse style, including an indoor spa pool and a full inground swimming pool outside.
With five bedrooms and four bathrooms plus a bunkie, garage and barn on 20 acres with 1,500 square feet of waterfront, the $1,495,000 price tag may have been a bit of an undervaluation, even for a nearly 200-year-old house in the middle of nowhere.
But, even the owners were shocked to see their home of 20 years go for more nearly $2.6 million — more than a million over what they were selling it for, amid a bidding war with nine offers.
The owners did admit to CTV News, though, that pricing was difficult because there is nothing really comparable in the area, and also that they'd put a lot into the unique, historic house.
The buyer is apparently a family currently living just a few kilometres away, which is something the owner told the news outlet he was happy about due to their "connection to the place" versus other interested parties from Toronto and Vancouver.
Realtor.ca and the Ottawa Real Estate Board
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