House in Vaughan sold at massive $800k loss after sitting on market for over 200 days
Despite the Greater Toronto Area’s real estate market seeing an increase in the average home price last month, properties in various communities continue to sell well below their asking prices, showing just how unpredictable the region’s housing market tends to be.
Take this luxurious five-bedroom home in Vaughan, for example. It was on the market for 210 days and sold in early April at a staggering $860,000 loss.
Located at 47 Grand Vellore Crescent, the opulent home boasts seven bathrooms, over 8,000 square feet of living space, 16 parking spaces, professional landscaping, and a massive deck.
The lavish property originally sold for $4.28 million back in December 2021, and was relisted for $4.68 million just a year and a half later in April 2023.
$800,000 loss.
Probably no capital loss allowance.
get it yet?
The 2010 paradigm of “real-estate will make you rich” is over. pic.twitter.com/0XfxVenHbr
— Tablesalt 🇨🇦🇺🇸 (@Tablesalt13) April 9, 2024
After sitting on the market for just over four months, the home was relisted at a massive loss for $3.68 million in September 2023. Once again, the home failed to attract any buyers and sat idle on the market for a few more months.
Eventually, the luxurious home sold for $3.42 million in April 2024 — exactly $860,000 less than it originally sold for just two and a half years earlier.
Still $540k above the late 2016 sale price…which was nuts
— Higher for Longer🔋 (@kremsnite) April 9, 2024
Throughout 2024, there have already been multiple well-documented cases of properties selling at significant losses. Last month, a home in Burlington’s affluent LaSalle neighbourhood was sold for $700,000 less than it was purchased for just two years earlier.
In another case, a 9,400-square-foot home in North York’s St. Andrew-Windfields neighbourhood slashed $2.5 million off its price tag after two failed attempts to sell.
Despite these cases, a Toronto Regional Real Estate Board (TRREB) report released earlier this month revealed that tighter market conditions in the GTA will soon drive selling prices even higher.
Ontario home sold at $800k loss after 11 failed attempts to sell 🏠 https://t.co/npZEPyXUtx #Ontario #RealEstate
— blogTO (@blogTO) January 5, 2024
“Price growth is expected to accelerate during the spring and even more so in the second half of the year, as sales growth catches up with listings growth and sellers’ market conditions start to emerge in many neighbourhoods,” said TRREB Chief Market Analyst Jason Mercer.
The MLS Home Price Index composite benchmark was up 0.3% year-over-year with the average selling price increasing by 1.3% to $1,121,615, according to the report.
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