House sells for $487K loss down from $1.6M in Brampton

A seller had to list their home multiple times and eventually took a more than $487,000 loss on their Brampton home in a trend that’s seeing some homes sell under asking across the GTA.

The property is a 4+1-bedroom, four-bath home on Axminster Road sold last month for $1,185,000, down from an asking price of $ $1,299,000.

The cost was still above the monthly average in September of $1,010,000, but well under the home’s previous sale price of more than $1.6 million a little over two years ago.

Online listings show the home was sold for $1,672,110 in February of 2022 for a $487,110 difference. Prior to that, the home was last sold in 2007 for just $450,000 – more than $37,000 than the August sale’s loss.

Real estate experts have predicted a spike between one and six per cent in average sale prices across all housing types across Canada, but some sellers in Ontario markets have been taking large losses recently.

A Brampton home that sold for over $1.2 million two years ago closed out at a loss of some $334,000 last month, while a detached house in Port Credit that sold for $2 million 2021 went for significantly less than its pandemic-era purchase.

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Real estate watcher @ShaziGoalie has been highlighting the sales where owners took “an absolute beating” in Mississauga and Brampton, as well as similar listings in cities like Richmond Hill, North York and Hamilton.

“Most of these sellers had to list multiple times, trying multiple strategies, but the only strategy that works is dropping your price to the market,” they said of the recent sales.

Home prices are expected to increase up to five per cent in some GTA cities including Brampton and Mississauga, according to Re/Max’s 2024 Fall Housing Market Outlook report.

The average price for a home could increase to $1,124,490 in Mississauga, and $1,063,712 in Brampton by the end of the year, the report states.