Home sells at nearly a $750K loss in southern Ontario community

People continue to lose money on home sales as real estate prices decline in Ontario.

Home prices have been down this spring. The most recent report from the Toronto Regional Real Estate Board found found the average selling price, at $1,107,463 in the GTA, was down by 4.1 per cent compared to April 2024.

Those who purchased at peak high prices in early 2022, and even some who bought in 2023, are losing money if they need to sell now.

Some homeowners are unable to keep up with mortgage payments. A Hamilton home purchased in February 2022 that recently sold for a loss of more than $1.4 million was a power of sale (typically due to a default on the mortgage).

The latest example is a property at 9153 Eighth Line in rural Halton Hills. 

This four-bedroom home on over an acre sold for $2,600,000 in April 2022, according to online real estate records. Unfortunately, the bank took over in a power of sale and it was listed in November 2024.

It sold on May 30 for $1,865,000, a $735,000 loss.

“Another horrific Power of Sale and loss in the GTA on a property that was bought in the euphoria of the 2022 peak,” said real estate commentator ShaziGoalie on X. ShaziGoalie wondered how much the bank lost.

The home is a custom-built bungalow with hardwood floors, custom cabinetry and granite countertops in the kitchen and an expansive composite deck, overlooking the backyard.

There is also a second wing of the main floor that offers a fully separate living space with its own kitchenette, bedroom, bathroom and living quarters with a separate entrance.

And the fully finished basement has a private entrance with an additional bedroom, a full three-piece bathroom, a recreation room and another full kitchen.

📢 “Horror in Halton Hills”

📍Halton Hills, ON 🇨🇦

Another horrific Power of Sale and loss in the GTA on a property that was bought in the euphoria of the 2022 peak. 😱

This has been on the market for more than 6️⃣ months, the lender finally capitulated and let it go for $750k… pic.twitter.com/WklEffmAtH

— Shazi (@ShaziGoalie) May 31, 2025

Photos: Re/Max Escarpment Realty Inc.