Home sells for $510,000 loss in an Ontario city

The fallout from the false real estate bubble of 2022 continues to bite real estate speculators, with one home in north Oshawa selling last week for a massive $510,000 loss less than three years after it was purchased.

The home on Meadow Street in Oshawa’s booming north end Kedron neighbourhood sold in March 2021 for $1,053,000 and was flipped 11 months later – with housing prices on the rise following the end of the pandemic – for $1,560,000.

The winning bid – $361,000 over asking – resulted in a tidy profit of $553,000 for the seller.

The new buyer, however, didn’t fare as well, listing the 4-plus 2 bedroom, two-storey house for $1,274,990 on November 30, 2023 and dropping the price three times late last year before finally selling on January 31 for $1,050,000 – a loss of more than half a million in under three years.

SOLD HISTORY