House bought for $1.3M sells at huge $500K loss in Brampton

Yet another home that once sold for over $1 million in Brampton has been sold at a loss of over $500,000.

Brampton has been in a buyer’s real estate market recently, with sales going up and drops in the average asking price through the spring and summer. The city’s market has also seen several properties sold at big losses in recent years, including a home that finally sold for a more than $580,000 loss in May.

One other home sold last month at a huge loss is on Crystalview Crescent, which was first sold in 2021 for $1.12 million.

The home is a two-storey, four-bedroom property with a one-car garage on a 22-foot by 100-foot lot that hands again for $1.3 in 2023 and was relisted in March for $850,000. That listing expired and the home was relisted again in May and sold for $795,000 –  a loss of $505,000. The home is a two-storey, four-bedroom property with a one-car garage on a 22-foot by 100-foot lot.

“A Brampton semi-detached home just erased half a million dollars,” local real estate watcher @ShaziGoalie said in a post on X, adding homes like these “weren’t supposed to be risky investments.”

“They were supposed to be starter homes,” he said.

The trend of homes selling ata  loss isn’t exclusive to Brampton, with sellers in Oshawa (sold for a $750,000 loss), Toronto (sold for a $1.65 million loss) and Mississauga (sold for a $425,000 loss) taking hits when reselling properties.

A home once bought for $1.3 million sold for $469,000 loss in Brampton, while another property bought for over $1.7 million sold at $520,000 loss.

Data shows the number of delinquent mortgages in Ontario is up this year while Brampton has the highest rate in the country – more than twice the Canada-wide average.