Home sells for $520,000 loss in southern Ontario

Another home has sold for a huge loss in southern Ontario.

While still unaffordable to many people, home prices remain lower than a few years ago in the Greater Toronto Area.

The average selling price was down 7.1 per cent from February 2025 to $1,008,968, according to the latest report from the Toronto Regional Real Estate Board. Sales are also down— 3,868 homes changed hands in February, down 6.3 per cent from the same month last year.

Many homes are selling for well below 2022 prices.

A home in Oshawa sold for a $750,000 loss in February. A Toronto home sold for a $1.65 million loss last month. A Mississauga home sold for a $425,000 loss in Mississauga this month.

The latest example is at 1622 Hollyhedge Dr. in the Brock Ridge area of Pickering.

This four-bedroom home sold for $1,440,000 in March 2022, according to online real estate records.

The home was listed for $959,900 and sold for $920,000 this week, a $520,000 loss.

“In 2022, a buyer paid $1.44M for this Pickering home,” real estate commentator ShazieGoalie said on X. “This week it sold under power of sale for $920K. That’s $520,000 wiped out.”

The detached home has over 2,000 square feet of living space, according to the listing.

Features include an open-concept living and family room, a walk-out to the backyard and a separate entrance to a one-bedroom basement apartment.

In 2022, a buyer paid $1.44M for this Pickering home.

This week it sold under power of sale for $920K.

That’s $520,000 wiped out.

The housing cycle is doing what cycles do. pic.twitter.com/VS5CctszB6

— Shazi (@ShaziGoalie) March 12, 2026

Lead photo: Re/Max Realton Realty Inc.