Home sold at $376K loss closed at $1.2M over 2 years ago in Brampton

A Brampton home that sold for over $1.2 million a little over two years has traded hands again at a loss of more than $360,000.

The four-bedroom, three-bathroom semi-detached townhouse on Adventura Road in Brampton was listed in February 2022 at $ 1,099,900 and sold the following month for $1,251,555, according to listings on real estate website HouseSigma.

Now a little over two years later to August 2024, the property has sold again for $376,555 less than the last sale price.

The previous owners listed the home at $884,000 in May – well below HouseSigma’s estimated value of $1,013,280. The sale of the property closed earlier this month at a price of $875,000.

“Bought in 2022, for almost $200k over the asking price, the new owners of this Brampton townhouse get into trouble,” Real estate watcher @ShaziGoalie wrote about the listing on X, formerly Twitter. “Fast forward two years, the lender takes over and puts it up for sale.”

On the opposite end of the home sales spectrum, a sprawling home on Classic Drive in Brampton was listed last month for $2,899,988 and relisted in August for $3,100,000 for a jump of more than $200,000.

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Data from the Canadian Real Estate Association (CREA) showed a rise in listings and dip in sales for July, pushing markets more in favour of buyers with the sales-to-listing ratio coming in at 52.7 per cent, down from 53.5 per cent in June.

The national average home price was down only 0.2 per cent year-over-year to $667,317.

Ontario is a soft spot for purchasers with a scattering of buyers markets, while Toronto’s detached market is holding firm even as the condo market has been inundated with supply.

– With files from The Canadian Press