Home sells for $725K loss after partial renovations in Mississauga

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Published December 20, 2024 at 10:49 am

1390 coliffe court mississauga

A partially renovated home sold at a loss in Mississauga this month.

While experts believe the real estate market could turn around in 2025, homeowners continue to lose money on properties purchased at peak prices in 2022.

Many homes have sold at a loss in the GTA recently. A home in Oakville sold for a $550,000 loss earlier this month. In Brampton, a house sold for a $520,000 loss in November.

While the Bank of Canada announced another big rate cut this month, it appears to be coming too late for some property owners.

The latest example is a four-bedroom home at 1390 Conliffe Court in Mississauga that sold for $1,550,000 this week, according to online real estate records. The home was purchased for $2,275,000 in June 2022.

Real estate commentator ShaziGoalie noted the loss this week.

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“Owner taps out in the middle of a renovation and eats a $725K loss — not including building permits, taxes, commissions, and existing work,” ShaziGoalie said on X. “This was bought in 2022 for $2.3M. The sale includes designs and a building permit for a 4200 sqft new home.”

1390 conliffe court mississauga

The listing included building plans and mentioned that there is a permit in place for partially-completed renovation featuring an accessible main floor.

“Complete or build your dream home!” the listing states.

The plans and permit are available for the age-in-place home by David Small Designs. The design includes an elevator and three levels of living space.

The home sits on a pie-shaped lot on a wooded ravine lot with the Credit River nearby.

“No buildings in sight, woods for literally miles,” the listing states.

Photos: Homelife Landmark Realty Inc.

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