Home sells for a $328K loss in Mississauga

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Published September 26, 2024 at 2:23 pm

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Homes continue to sell for losses across the GTA as a recent sale in Mississauga demonstrates.

Experts predicted the average sale price across all housing types would increase between one and six per cent in Canada. But in the early days of fall, homes are still selling for a loss.

A detached house in Port Credit sold for $2 million in November 2021 but went for significantly less than its pandemic-era purchase price this month.

This week, the home at 3538 Burgess Cres. also sold for a much lower price than two years ago.

The four-bedroom, four-bathroom home is in Erin Mills at the west end of Mississauga.

It features a two-car garage, spiral staircase, open-concept living and dining areas, hardwood floors, pot lights, a breakfast nook, and a fully-finished basement with a second kitchen, according to the listing.

This home sold for $1,981,000 in April 2022, according to online real estate records.

It was listed for sale in September 2023 for $1,899,000, reduced to $1,850,000 the next month, and then reduced again in February 2024 to $1,799,000.

The home sold for $1,653,000 this month, under the $1,799,000 list price.

This makes for a $328,000 loss, real estate commentator Shazi noted on X.

This home, along with another property in Brampton that sold for nearly a $500,000 loss, seem to show the real estate market is not bouncing back in some areas.

“Horrific 6-figure losses all across the GTA and its environs this last week,” Shazi said. “Peel taking an absolute beating with these 2 properties.”

Shazi also showcased losses in North York, Hamilton, Clarington and Richmond Hill.

While this a financial hit for homeowners, it is, perhaps, good news for home buyers after skyrocketing prices in the last few years.

Lead photo: The Agency

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