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A home in Ontario was sold at a loss of nearly $500k after a number of failed attempts to sell.
It’s no secret that the real estate market in Ontario is in a tricky spot. After soaring to record highs in recent years, the market now finds itself in a tailspin, rife with homes and condos sitting unsold and a plummeting market while home prices only continue to go up.
Navigating the real estate market — whether as a buyer or seller — both in Toronto and beyond is akin to walking on eggshells, and it’s forcing some sellers to take drastic measures to sell their homes.
In the most recent case of a dramatic home price loss, one Brampton home was recently sold at a significant loss of $487K after four failed sale attempts and a whopping 196 days on the market.
🚨 Horrific 6-figure losses all across the GTA and its environs this last week
Let’s start off with Peel taking an absolute beating with these 2️⃣ properties.
<thread> 🧵 👇🏽 pic.twitter.com/L5pAnToOZj
— Shazi (@ShaziGoalie) September 25, 2024
According to data from HouseSigma.com, prior to the home’s most recent sale on Aug. 9, 2024, the home had been purchased in 2022 for $1.67 million.
Just over a year later, an offer that would have seen the home sold for $1.3 million (already a $300K loss) was the first of four attempted sales, with the home’s price further reduced each time.
Finally, the home has been sold at a final price of $1.18 million — a $487K loss for its previous owners.
Have we hit the bottom? 👇🏽 https://t.co/I2YEgPdAdN pic.twitter.com/VYCVE0zehq
— Shazi (@ShaziGoalie) September 26, 2024
Despite the sizeable loss, plenty of other homes in and around Toronto have been suffering similar — if not greater — losses as the market works to right itself, such as a Toronto home sold at a whopping $900K loss and a five-bedroom Etobicoke mansion sold at a $1.7 million loss.
According to the Canadian Real Estate Association (CREA), Ontario home sales in August 2024 were 23.8 per cent below the five-year average and 26.6 per cent below the ten-year average, with the average home price only seeing a 1.2 per cent decrease compared to August 2023.
Recent data from Ratehub.ca shows that the average price of a home or condo in Toronto was about $1,082,200 in August 2024, a $15,100 drop from July 2024, and that the annual income required to purchase a home in Toronto is $204,100.
