A seller had to list their Brampton home multiple times and eventually took a loss of more than $487,000, reflecting a trend of homes selling below asking prices across the GTA.
The property, a 4+1-bedroom, four-bath home on Axminster Road, sold last month for $1,185,000—down from an asking price of $1,299,000. While the sale price was still above September’s monthly average of $1,010,000, it was significantly less than the home’s previous sale price of over $1.6 million just over two years ago.
Online listings show the home was sold for $1,672,110 in February 2022, marking a loss of $487,110. Prior to that, the property was last sold in 2007 for just $450,000—more than $37,000 less than the recent sale’s loss.
Real estate experts have predicted a spike of one to six per cent in average sale prices across all housing types in Canada, but some sellers in Ontario markets are taking substantial losses. Another Brampton home that sold for over $1.2 million two years ago recently closed at a loss of approximately $334,000, while a detached house in Port Credit that sold for $2 million in 2021 went for significantly less than its pandemic-era purchase price.
Real estate watcher @ShaziGoalie has been highlighting these sales where owners took “an absolute beating” in areas like Mississauga, Brampton, Richmond Hill, North York, and Hamilton. “Most of these sellers had to list multiple times, trying multiple strategies, but the only strategy that works is dropping your price to the market,” they commented on the recent sales.
Despite these losses, home prices are expected to increase by up to five per cent in some GTA cities, including Brampton and Mississauga, according to Re/Max’s 2024 Fall Housing Market Outlook report. The average price for a home could rise to $1,124,490 in Mississauga and $1,063,712 in Brampton by the end of the year, the report states.