Two neighbouring homes sold at vastly different price points on the same street in Brampton within two years show just how much prices swing in the GTA real estate market. 

One of the homes was recently featured in a post by @ShaziGoalie, who regularly shares notable happenings in Ontario's real estate market on X (formerly Twitter). 

📢 Bloodbath in Brampton 💔

Brutal week in Brampton, the losses keep pilling up. 📉

These 3️⃣ houses were sold at $250K+ losses, one of them was a "Power of Sale." 👇🏽 pic.twitter.com/dwICLD6owD

— Shazi (@ShaziGoalie) January 13, 2024

The post highlighted several properties in Brampton that were sold at losses in the $200,000 range, including a four-bedroom, five-bathroom home located at 608 Queen Mary Dr. 

The home, which was originally sold for $1.77 million in December 2021, was just recently sold for $1.54 million in January 2023 — representing a loss of exactly $225,000. The sale comes just after the property failed to sell for just shy of $1.7 million in November 2023. 

In a reply to the post, one person noted that a nearly identical home on the same street was sold for a vastly different price just two years ago, despite sharing many of the same features. 

🚨👀 For some context look how much people overpaid at the peak stupidity levels of 2022.

The house right next door that just sold for $1,545,000, which is identical by the way, sold for $1,935,000 in April 2022.

You have to ask yourself, when, if ever, will that be a… pic.twitter.com/oY3TNWJasI

— Jason G. (@jasongofficial) January 13, 2024

The home, located just next door at 610 Queen Mary Dr., was sold in April 2022 for a staggering $1.93 million. Despite selling for approximately $390,000 more than its neighbour, both homes boast the same number of bedrooms and bathrooms. 

It’s not even 1.5 million home either so current buyer also overpaid….if we being honest.

— SuperMom (@radiantlatty) January 13, 2024

The two detached properties also similarly feature gourmet kitchens, two-car garages, nine-foot ceilings, as well as finished basement apartments with separate entrances. 

Significant differences between home prices in the same neighbourhood seem to be a common occurrence nowadays, especially for properties sold in early 2022, when an uptick in demand skyrocketed prices across the GTA. 

During this peak, prospective buyers flooded back to the region's real estate market to take advantage of the cheaper borrowing rates. However, prices began to drop once again shortly after when the Bank of Canada started raising interest rates. 

According to the Toronto Regional Real Estate Board's (TRREB) latest market report, the average selling price for all home types in 2023 was $1,126,604, representing a 5.4 per cent decline compared to 2022.

"Buyers who were active in the market benefitted from more choice throughout 2023. This allowed many of these buyers to negotiate lower selling prices, alleviating some of the impact of higher borrowing costs," said TRREB Chief Market Analyst Jason Mercer.

Experts wonder if Toronto's real estate market is on the verge of a crash 🏠 https://t.co/GpUKw2FmrH #Toronto #RealEstate #Market

— blogTO (@blogTO) December 29, 2023

There were also 65,982 home sales reported through TRREB's MLS system in 2023, which is a 12.1 per cent dip compared to 2022. 

"The trend for listings has been largely flat-to-down over the past decade, which is problematic in the face of a steadily growing population," the report noted.

The demand, largely, has been aimed at the rental market, all thanks to affordability issues "brought about by high mortgage rates," TRREB found. 

"High borrowing costs coupled with unrealistic federal mortgage qualification standards resulted in an unaffordable home ownership market for many households in 2023," said TRREB President Jennifer Pearce.

"With that said, relief seems to be on the horizon. Borrowing costs are expected to trend lower in 2024. Lower mortgage rates coupled with a relatively resilient economy should see a rebound in home sales this year."