Home sells for nearly $700K under asking in Mississauga

In a sluggish real estate market, homes are selling for under list prices in Mississauga.

Canada’s housing market has been slow in many regions due to higher borrowing costs, experts have said.

Even with the Bank of Canada rate cut to 3.75 per cent announced on Wednesday, the real estate market isn’t expected to pick up until spring or summer.

In Mississauga, prices have remained flat. The overall average price in Mississauga was nearly unchanged in September, increasing month-over-month by 0.4 per cent to $1,048,914.

The slow market has meant homes are selling for under the asking price this fall. A home in Brampton sold for a $487,000 loss in September, and another home sold for a $328,000 loss in Mississauga.

A luxury home at 1600 Jalna Ave. in Mississauga sold for $699,000 under asking, according to online real estate records.

The home, located in Lorne Park, was listed for $7,499,000 in March but dropped down to $7,399,000 in September. It sold last week for $6,700,000.

HouseSigma valued the home at $7,100,100. It was last sold back in 2013 for the much lower price of $3,700,000.

The custom home “exudes opulence and elegance,” according to the listing.

It is on a large, 125 by 270 foot lot surrounded by mature trees.

Vaulted, beamed ceilings grace the living room along with wide-plank, reclaimed elm hardwood floors.

There are fireplaces in the living room, family room, sunroom and office spaces.

The kitchen comes equipped with a Subzero panelled refrigerator, Wolf gas burner stove, a built-in Miele coffee machine and a beverage fridge.

The primary bedroom is also cozy with a gas fireplace, his and hers closets, grand spa-like ensuite bathroom, a steam shower, freestanding tub and double sinks.

The basement features include a wine cellar, recreation room and a bar.

Photos: Royal LePage Real Estate Services, Phinney Real Estate