Home sells at a huge $550K loss in Oakville

Another home has sold for a huge loss in the GTA.

While the Bank of Canada just announced another big rate cut this week, many homeowners are struggling with borrowing costs after buying at peak high prices.

There have been several examples of homes selling for a loss this year in Ontario. Many have been in Brampton including a house that sold for a $520,000 loss in November. Purchased at a peak in early 2022 for $1.8 million, this home was sold in a power of sale. A Brampton home sold for a $487,000 loss in September.

Another example of a home selling came this week in Oakville.

“It’s not just Brampton. $500k+ losses are a regular occurrence now,” wrote real estate commentator ShaziGoalie on X.  “This one is in Oakville.”

The home at 2331 Wuthering Heights Way, Oakville sold for $550,000 less than the owners paid just a few years ago.

As in the Brampton example, the owners purchased this place at the height of the market in January 2022 for a whopping $2 million, according to online real estate records.

The home sold for $1,450,000 on Dec. 9.

Highlighting just how much home prices have ballooned in the last 15 years, this home sold for $714,000 in November 2011.

Described as a “luxury freehold townhome”, this three bedroom place is in Bronte Creek community. The home backs onto scenic trails.

It has a finished basement with another bedroom and recreation area. The interior features high-end finishes, including hardwood floors, top-of-the-line appliances in the kitchen and large windows.

Photos: Royal LePage Real Estate Services Ltd.