House sold at $300k loss in Oshawa

The dangers of speculating in a volatile real estate market came back to bite another investor this week when an Oshawa bungalow located southeast of downtown sold for a $300,000 loss, just two-and-a-half years after it was purchased.

The three-bedroom/two bath home on Verdun Road was originally bought December 20, 2021 for $830,000 – $230,000 over asking in what was a super over-heated market as the industry (and everything else) came out of lockdown.

The home was put back on the market less than a year later and finally sold Monday for $529,000 – a 36 per cent loss.

The sale was the latest in a long list of homes purchased in the period following the onset of the pandemic (when cheap lending rates drove up demand in the market) that sold for major financial losses this year. Prominent among those financial hits was a home in Oshawa’s Eastdale neighbourhood that sold recently for an incredible $800,000 loss.

The four-plus-two bedroom, six-bathroom home was purchased in the spring of 2022 for $2.55 million and was put back on the market in April for $1.78 million.

The home sold for $1.75 million.