Recently, I was working with a lovely young couple who were looking to purchase a home in an Ottawa downtown neighbourhood. We found one that the young couple really loved. It was a very well maintained, good solid semi-detached little home in a very nice downtown neighbourhood with a list price of $499,000. It had hardwood floors throughout, an updated kitchen, an updated bathroom and lots of other desirable features. Its only drawbacks were that it had one bathroom, no garage, and was a block away from the Queensway.
The young couple felt that these drawbacks were not a deal breaker so we went ahead and prepared an offer. We then discovered that were were in multiple offer with 5 other buyers. We submitted our best offer and hoped for the the best. Unfortunately my young couple did not submit the winning offer.
The home was sold firm that very same day. It sold with no conditions and for $597,000. That is almost $100,000 above asking price.
Is Ottawa the new Toronto?