People looking to go from urban living to a cottage on the lake are shocked as properties sell at 70 per cent above the asking price within days of going up for sale.
According to Patrick Kelly, an Ottawa real estate agent, bidding wars lead to final sales of 50 per cent or more above the asking price.
Kelly said that last week, after 41 and nine offers, he sold a three-season lakeside cottage for $592,000, 70 per cent above the asking price.
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