An Ottawa home has sold for more than $800,000 above its asking price, a potentially record-breaking purchase
The three-bedroom house at 130 Dufferin Rd. in New Edinburgh was listed for $2.3 million last week. This week, it sold for $3.128 million.
“We had a number of buyers who were very keen on it, and made an exceptional offer that the sellers were very pleased to accept,” listing agent Christopher Barker told CTV News.
“We didn’t think we underpriced it. We knew we priced it aggressively to attract interest, but that was above and beyond what our expectations were.”
Barker said he has not heard of an Ottawa home selling for that much over its asking price.
This property, which has an elevator and overlooks the Rideau Hall grounds, is unique, he said. The home was built in 1994 in an area where many homes are well over 100 years old.
“It’s a very popular neighbourhood, and it’s very difficult to find that location in a modern construction,” he said. “To find something that relatively modern is difficult.”
Buyers looking for a modern home in New Edinburgh are usually faced with tearing down and replacing homes, he said. With the cost of building luxury units, the replacement cost for an older home could well exceed the price the buyers paid for this home.
The home has a two-storey-high grand foyer, an octagonal living room with a gas fireplace and several outdoor spaces, among other features.
There are other signs Ottawa’s spring real estate market is heating up.
One home in Manor Park sold for $260,000 over asking recently. And a home on Sandridge Road in nearby Rockcliffe Park sold for $440,000 over asking after being on the market for less than a week.
“As it turned out, it was a Toronto buyer. So $2.35 million for a five-bedroom single family in Rockcliffe Park sounded cheap, because if it was in a comparable neighbourhood in Toronto it would be $5 million.”
The average home price in Ottawa exceeded $850,000 for the first time last month, up 13 per cent from the previous year. Inventory remains at historic lows, with just over two weeks’ worth on the market (a balanced market has four months).
But Barker said despite an expected rise in interest rates over the next year, he doesn’t see prices dropping in the Ottawa market.
“If we get to a prime rate by 1.5 by next spring, that should start to maybe take some of the froth off the market,” he said. “But I don’t see a correction; I don’t see Ottawa prices dropping. There’s just too much demand and low supply.”
You can read more information about the home on Dufferin Road here.
