$685K loss on home that once sold for more than $2M in Brampton

A home that sold for more than $2 million just a few years ago recently sold at a more than 33 per cent loss as the number of sales and home prices are dropping in Brampton.

Last month saw the total number of sales take a 17 per cent drop in Brampton while the average price of detached homes also dipped slightly by 0.3 per cent.

While a report showed some buyers and sellers will wait for activity in the housing market to pick up in the warmer months, one Brampton property took a big hit in December selling at a $685,000 loss.

The four-bedroom property on Veterans Drive in Brampton was sold in March of 2022 for $2,020,000 and listed again in August of this year for $1,650,000, according to online real estate listings.

It stayed on the market at that price until Dec. 11 when it dropped to $1,335,000. It sold the next day.

Local real estate watcher @ShaziGoalie tracks homes that sell for big losses and says it was bought at the $2.2 million price “when the market was starting to implode from the February highs” and “was almost a brand new home.”

“Now the owners tried to sell it twice, only capitulating after a whopping $685k loss,” they said of the sale that doesn’t include lawyers’ fees, real estate commissions and taxes.

Several properties have been selling at large losses this year, like one on Bassett Crescent in Brampton that sold for a $520,000 loss in November and another that sold for a $487,000 loss in September.

Mississauga hasn’t been immune to the losses with a home just this month selling for a $725,000 loss after partial renovations.

But experts say the real estate market could see a surge of buyers in spring 2025 in Canada.

A recent Re/Max report suggests Canada’s national average home price will likely increase by five per cent in 2025 with some cities seeing bigger jumps than others, while Zoocasa says Canadians “can anticipate a lively spring market kicking off as early as March.”

📢 “The Blowout Losses in Brampton Are Getting Worse” 😬

📍Brampton, ON

$685K loss in almost 3️⃣ years, not counting the lawyers fees, real estate commissions and taxes. 💸

This was bought in 2022 when the market was starting to implode from the February highs; at that time it… pic.twitter.com/3QtMhSAg2d

— Shazi (@ShaziGoalie) December 24, 2024