Ontario home sold at massive $825k loss after failed attempts to sell
Although there was a short-lived pick-up in the GTA’s real estate market last spring, buyers throughout the region have continued to benefit from increased choice and wiggle room this year, which has ultimately forced some buyers to knock off up to six figures off their property’s price.
This Cambridge, Ontario, home, which recently sold at a significant loss, is no exception and is one of many properties in Ontario that failed to sell multiple times even with hefty discounts.
According to its listing, the five-bedroom, four-bathroom home, located in Cambridge’s Hespeler Village, boasts nine-foot ceilings, a professionally landscaped backyard, a pool, and a gourmet kitchen.
The 3,300-square-foot residence was first sold in February 2022 for $2,275,000, at a time when cheaper borrowing rates led to skyrocketing prices and heightened demand throughout the province’s real estate market.
Just a few months later, the home was put back on the market for just shy of $1.5 million. Even with this significant discount, the home failed to attract any buyers and was subsequently taken off the market.
“Cambridge Collapse” 🏠🔥
📍Cambridge, ON 🇨🇦
In 2022, buyers agreed to purchase this Cambridge home for $2.3M. After numerous extensions and proposed VTBs, the buyers eventually walked away. The sellers launched a mega $2.3M lawsuit against them for breach of contract. 💼⚖️… pic.twitter.com/n0X5vKqTcd
— Shazi (@ShaziGoalie) June 26, 2024
One month later, the home was re-listed for just shy of $1.6 million, but failed to sell once again.
Finally, the home was sold for $1.45 million earlier this month — representing a staggering $825,000 loss when compared to its selling price back in 2022.
It’s worth mentioning that several properties throughout Ontario have sold at significant losses in 2024. In one example, a six-bedroom Brampton home sold at a significant loss of $600,000 in January, while another 11-bedroom home in York University Village sold at a $400,000 loss in May.
Ontario home sold at $800k loss after 11 failed attempts to sell 🏠 https://t.co/npZEPyXUtx #Ontario #RealEstate
— blogTO (@blogTO) January 5, 2024
According to the Toronto Regional Real Estate Board’s (TRREB) latest report, home sales through the region continued at low levels last month, with the market continuing to benefit prospective buyers.
However, TRREB Chief Market Analyst Jason Mercer notes that as demand picks up throughout the region, sellers will see renewed upward pressure on home prices as competition between buyers continues to increase.
Overall, GTA realtors reported 7,013 home sales through TRREB’s MLS System in May 2024 – a 21.7% decline compared to 8,960 sales reported in May 2023.
“As borrowing costs decrease over the next 18 months, more buyers are expected to enter the market, including many first-time buyers,” added TRREB President Jennifer Pearce.
“This will open up much-needed space in a relatively tight rental market.”
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