Rant: I watched a house in my old Ottawa neighborhood sell for double in under five years
I grew up in a normal street in Nepean. A house three doors down from my parents sold in 2019 for $480,000. It was a solid three-bedroom, nothing fancy. The family that bought it did some work, like a new kitchen and bathroom, but nothing huge. I drove by last month and saw the sold sign. My mom told me it went for $925,000. That's in less than five years. The work they did might have added $50k in value, max. The rest is just the market going nuts. It hit me that the people who bought it in 2019 basically won a lottery just by being able to get in then. Now, a young couple starting out has no shot at that street. What's a fair price for a starter home anymore if a basic house can do that?