Condo listed 10 times sells for a $125K loss in Mississauga

A condo unit that sold for a $125,000 loss in Mississauga highlights real estate market conditions in Ontario right now.

The condo unit 1405 at 1300 Mississauga Valley Blvd. in Mississauga sold for $650,000 on Feb. 21, 2022, according to online real estate records.

Home prices hit a peak in 2022 in Ontario as buyer activity grew during the pandemic. Prices steadily dropped and some homeowners who bought during the peak are selling at a loss now.

The unit at 1300 Mississauga Valley Blvd. was listed in October 2022 for $675,000, then the price drops to $659,900 in November 2022. The condo is listed six more times at steadily lower prices throughout 2023 until it hits a low list price of $494,999 in December 2023.

It’s listed two more times in 2024 and its not until April 26, 2024 that it finally sells after listing for $524,900 and selling for $525,000 on May 7.

“This is what we mean by ‘Price Discovery,'” digital creator Shazi said in a post on X. “Listed 10 times before being sold for a whopping 20% loss.”

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Price discovery is the process between buyers and sellers, whether explicit or inferred, of setting the spot price or the fair price of any asset that is being traded, according to Investopedia.

“Simply put, price discovery is the point at which a buyer and a seller agree on a price and a transaction occurs,” Investopedia.

This particular condo unit is large and in a good location.

The two-bedroom, two-bathroom condo is approximately 1,260 square feet, according to the listing. The 40-foot-long balcony has views Lake Ontario and the city skyline.

It’s also located in the City Centre and has two parking spaces. 

Photo: Sutton Group – Summit Reality Group

Experts have blamed the dropping prices and slow market on the Bank of Canada interest rate hikes. Although the Bank of Canada recently cut its rate, it hasn’t yet led to a rush in demand.

Sellers may want to wait a bit longer if they can.

Buyers also have plenty of choice in Mississauga with a 67 per cent increase in condo listings compared to this time last year.

“This is what we mean by ‘Price Discovery’ 📉”

📍Mississauga, ON 🇨🇦

Listed 🔟 times before being sold for a whopping 20% loss. 💸 pic.twitter.com/VCNkW3U7dL

— Shazi (@ShaziGoalie) July 10, 2024