Low inventory: COVID real estate price rally pushes through October

Source Article: https://ottawacitizen.com/news/local-news/housings-covid-rally-pushes-through-october

When Yvan Rhéaume listed a semi-rural bungalow for sale last Friday, he hadn’t expected quite so much interest. The Right at Home sales agent was asking $950,000 for his client’s property in the West Lake Estates subdivision a few kilometres south of Carp.

Rhéaume was used to seeing strong bidding wars for residential properties listed between $400,000 and $500,000, but less competition for more expensive homes. This sale would prove different. By 7 p.m. Monday, the deadline for would-be buyers to submit offers, Rhéaume had received nine bids, all of them over the asking price. His clients accepted an offer for roughly $1.2 million.