Hot housing market: Orleans home sells for $252,000 over asking price
OTTAWA -- Ottawa's housing market remains hot as the summer days begin to cool.
Social media posts share stories of homes selling for more than $100,000 over the asking price, as low inventory sparks bidding wars for new homes in Ottawa.
A four-bedroom home on Saphir Avenue was on the market for less than a week, when it sold for $252,000 over the listing price this week.
Erik Faucon of Re/Max Hallmark Pilon Group Realty says potential buyers got creative with their offers for the home.
"Hand-written letters delivered to the mailbox; family photos; people took photos in front of the house and sent those along with their offer," said Faucon.
The home in Orleans was listed at $849,000, and sold for $1.1 million.
Realtor Marnie Bennett describes Ottawa's housing market in three words, "The Amazing Race."
Bennett tells CTV News Ottawa she hasn't seen a market like this in nearly 20 years, with not enough homes to meet demand.
"Sixty per cent of all the houses right now in Ottawa are selling over asking and we're talking record-breaking prices," said Bennett of Bennett Property Shop Realty.
The Ottawa Real Estate Board reported that in July, 57 per cent of homes sold over the listing price and multiple offers are a common occurrence.
The board also said there was an inventory shortage of homes in Ottawa during the pandemic.
Jason Faucon of Re/Max Hallmark Pilon Group says the COVID-19 pandemic has people looking for different features for a home, including potential office space.
"Just in the event we get locked down again, everyone wants to be in a home that has everything they're looking for."