A home in Brampton that once sold for more than $1.7 million has recently been resold at a loss of more than half a million dollars, highlighting the continued cooling in the Greater Toronto Area housing market.
The 4+3-bedroom home with a two-car garage on Cirillo Street was originally purchased in 2022 for $1.73 million after being listed at $1.97 million during the peak of the real estate market.
Since then, the property has been listed multiple times. In 2023, just over a year after it was bought, the home was put back on the market for $1.79 million. Over time, the price was reduced several times, with listings in the $1.4 million and $1.5 million range.
The house finally sold in March for $1.22 million, representing a loss of about $513,000 compared with its purchase price.
Reports suggest the home was sold under a “power of sale,” a mortgage clause that allows lenders to sell a property if the borrower defaults on the loan.
Similar losses have been reported across the Greater Toronto Area in recent months. In Brampton last August, a home that had been purchased for $1.3 million sold at a loss of $469,000, while another property that once sold for more than $1.7 million was later resold with a loss of about $520,000.
Large losses have also been seen in other Ontario cities. In Oshawa, one property sold for about $750,000 less than its earlier purchase price. In Toronto, a home sold last month at a loss of roughly $1.65 million, while a property in Mississauga recently sold for about $425,000 less than its previous value.
Real estate data shows the broader market has softened. The average selling price across the Greater Toronto Area has dropped 7.1 per cent compared with February 2025, with the average price now around $1,008,968.
Despite the price decline, the Brampton housing market has seen an increase in activity. New listings in the city rose by more than 64 per cent in January, reaching 932 properties, while detached home sales increased by 17 per cent in February.