After home sales took a nosedive through lockdowns in Ontario, prospective buyers flooded back to the region's real estate market to take advantage of cheap borrowing rates. 

This uptick in demand skyrocketed prices in February 2022, which is around the time when this Brampton home was purchased for approximately $500,000 over asking at $2.34 million. Shortly after, prices began to drop once again as the Bank of Canada started raising interest rates. 

📢 Mega Price Discovery 😲

📍Brampton, ON 🇨🇦

"THIS IS A NEW RECORD FOR BRAMPTON"
$640k loss, not including taxes, fees, and commissions.

Bought at the height of the market in 2022 for $500k over asking 📈, the new owners run into serious trouble 😨.

They tried multiple… pic.twitter.com/mspIZntqHD

— Shazi (@ShaziGoalie) January 9, 2024

Less than two years later, the same property was sold at a massive $640,000 loss. 

The detached property, located at 27 Jacksonville Dr. in Brampton's upscale Castlemore neighbourhood, comes with four bedrooms, six bathrooms, a gourmet kitchen with built-in appliances, and a fully-finished basement apartment. 

Jesus.

Please, if we ever get these stupidly low rates again, don’t make the same mistakes.

Don’t get into bidding wars.

Don’t pay more than identical houses in the area have sold for.

Don’t just look at the payment. That’s real debt you’re taking on.

Don’t extend…

— Jason G. (@jasongofficial) January 9, 2024

Less than two years after it was sold, the property was listed for sale again in August 2023 for $2,199,900. With no takers in sight, the home was listed in November 2023 for $1,999,990 and re-listed again the same month at $1,899,000 — roughly $400,000 less than what it was originally sold for in 2022. 

In December 2023, the home was put up for sale again at $1,799,990, and after 31 days on the market, was finally sold for $1,701,000, approximately $640,000 less than it was sold for at the peak of the real estate market. 

$1.7M is still too expensive. Canadians are screwed for a long time.

— Belief Invest (@BeliefInvest) January 10, 2024

According to an October 2023 Zoocasa report that analyzed average home prices across the GTA, many properties during the latter half of the year were "sitting on the market for long periods of time" and selling for less than their listing price. 

In Brampton specifically, the real estate agency found that while the average listing price was $1,183,632 in September 2023, the average actual sale price was $1,041,829, representing an 11.98 per cent difference. 

For comparison, Toronto saw an average listing price of $1,378,752 versus an average sale price of $1,119,452, representing an 18.81 per cent difference. 

Homes in Ontario are selling for way below asking and here's where prices are lowest 😬https://t.co/IHBw7ozFkl #Toronto #TorontoRealEstate

— blogTO (@blogTO) October 14, 2023

Other GTA cities also saw significant differences between their average list price and average sale price, including Mississauga (-24.67 per cent), Ajax (-12.69 per cent), Richmond Hill (-21.80 per cent), Markham (-19.71 per cent),and Milton (-25.84 per cent).