Home purchased in 2021 sells for 52% loss in this Ontario city

A Hamilton home purchased in 2021 just sold for a 52 per cent loss.

The home is one of many that have sold for huge losses. In Brampton, a home recently sold for a $555,000 loss, and a Mississauga home sold for a $700,000 loss in July. A cottage purchased for $1.9 million sold at a 45 per cent loss.

The small, two-bedroom home at 97 Evans St., near Hamilton’s West Harbour, is another example of how much the housing market has fluctuated in the last few years.

Back in 2009, just after the 2008 global financial crisis, this place sold for only $41,000, according to online real estate records. The price shot up to $84,000 in 2014, and $225,000 in 2019.

Just three years later, the 2019 price more than doubled when the home sold for $480,000 in December 2021. Around this time, Hamilton was known as a cheaper, yet viable housing alternative to the GTA.

However, as with many homes, the homeowner had difficulty selling in 2022, 2024 and this year. The home was listed for $479,900 in May 2022. The home didn’t sell and the price dropped to $399,000 in April 2024, then $285,000 in July 2025.

It finally sold for $230,000 this month, a $250,000 loss.

“That’s a devastating 52% loss, about $250k wiped out. Not including taxes, realtor commissions, and closing costs,” real estate commentator Shazi Goalie noted. “Hamilton was once touted as one of Ontario’s most affordable growth markets. Now it’s ground zero for the severity of this correction, showing how quickly inflated values can collapse when demand evaporates.”

The two-bedroom home was listed as a perfect choice for an investor or first-time buyer.

Features include a carport, an open-concept kitchen with a breakfast bar, modern flooring and in-suite laundry off the kitchen.

📢 Hamilton Horror 💥

📍 Hamilton, ON 🇨🇦

This teardown was bought in 2021 for nearly $500k. The owner has been trying to exit since 2022, with multiple failed listings and relistings along the way. After years of holding out, they finally capitulated, selling for just $230k.… pic.twitter.com/IHbHkFdxk7

— Shazi (@ShaziGoalie) September 15, 2025

Lead photo: Royal LePage State Realty