Townhome sells at a $237K loss in Mississauga

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Published December 31, 2024 at 2:26 pm

86 preston meadow

Another home has sold at a staggering loss in Mississauga.

Unfortunately, homeowners continue to lose money on properties purchased at peak prices in 2022.

Just over a week ago, a home in Mississauga sold for a whopping $725,000 loss after the owner started renovations. 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.

In this most recent example, a condo townhouse at 86 Preston Meadow Ave., near Eglinton and Hurontario, sold for $634,900 on Dec. 27, according to online real estate records.

That is $237,100 less than the home sold in March of 2022. The owners purchased it then for $872,000. The place was listed a little over a year later for $872,900 but didn’t sell in 2023.

In May 2024, the price was lowered to $703,500, and then it was lowered again to $659,900 in November. The list price dropped again on Dec. 10 to $634,900.

HouseSigma valued the property at $624,700 in December.

Real estate commentator ShaziGoalie noted the loss in a post on X.

“Back in 2022, someone shelled out nearly $900k for this stacked townhome,” Shazi said. “Fast forward to today, and after a year of desperate price drops, they finally threw in the towel and accepted a $237k loss. Ouch!  The market’s giving sellers a run for their money, literally.”

86 preston meadow avenue

This two-bedroom, two-bathroom home is described as a well-maintained, bright and spacious, end-unit townhome.

It has an open-concept living, dining and kitchen design. There are hardwood floors on the main level.

The unit also has ensuite laundry and two parking spots.

It is close to the new LRT and Square One Shopping Centre.

Maintenance fees were listed at $351 per month.

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