Townhouse sold at significant loss shows just how much prices change in GTA
A Mississauga townhouse sold at vastly different price points in just two years shows just how much real estate prices in the GTA tend to fluctuate.
The four-bedroom, three-bathroom townhouse, located in Mississauga’s Clarkson neighbourhood, was first sold back in February 2022 forĀ $1,220,999. During this time, the region’s real estate market saw skyrocketing prices and heightened demand thanks to cheaper borrowing rates.
According to its listing, the fully renovated property boasts a gourmet kitchen with stainless steel appliances and quartz countertops, as well as a private driveway and garage.
In November 2023, the home was put back on the market for $799,900Ā ā a staggering $400,000 less than it was originally sold for just a year and a half earlier.
“Staggering Loss”
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Mississauga Condo Townhouse Plummets 35% in Value in Just 2ļøā£ Years, Sold for $430,000 Less! šš½ pic.twitter.com/dDaJ4J0FMU
ā Shazi (@ShaziGoalie) June 24, 2024
Despite the hefty discount, the home’s sale history notes that a deal to purchase to property at this price point fell through, and it was listed once again in March 2024 for the same price.
This listing was also terminated a short while later, and the home was put back on the market for the same price. Finally, the home sold forĀ $790,000 in May 2024Ā ā a $430,000 loss when compared to its price in 2022.
The first half of 2024 has already seen countless properties in the GTA selling way below their asking prices, including a six-bedroom Brampton home that sold at a significant loss of $600,000 in January, and an 11-bedroom home in York University Village that sold at a $400,000 loss.
According to theĀ Toronto Regional Real Estate Board (TRREB), prospective buyers throughout the GTA benefitted from slow home sales in May, which provided more wiggle room whenĀ negotiating lower prices.
House near Toronto sold at massive loss after three failed attempts to sell https://t.co/7UuV9MVwgK
ā blogTO (@blogTO) January 10, 2024
“While interest rates remained high in May, home buyers did continue to benefit from slightly lower selling prices compared to last year,” said TRREB Chief Market Analyst Jason Mercer.
“Affordability is expected to improve further as borrowing costs trend lower. However, as demand picks up, we will likely see renewed upward pressure on home prices as competition between buyers increases.”
The MLS Home Price Index Composite benchmark was down by 3.5% on a year-over-year basis in May 2024. The average selling price of $1,165,691 was down by 2.5% over the May 2023 result of $1,195,409.
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