Riverfront home bought for $1M in 2021 sells for a huge loss in Ontario

A riverfront home bought in 2021 for over $1 million sold for a huge loss in Ontario this month.

The home at 967 Niagara Parkway, Fort Erie, is the latest property to sell for under the purchase price in a slow real estate market.

While some real estate experts predict the real estate market will bounce back soon, it has been a slow spring market. Across the Greater Toronto Area, home prices were down year-over-year in June. The average selling price, at $1,101,691, was down by 5.4 per cent compared to June 2024.

A recent report found some GTA neighbourhoods have seen median prices decline by $1 million since 2022.

There are many recent examples of homes selling at a loss. A house purchased in Oshawa in 2022 sold for $640,000 loss this month. A home in East Gwillimbury went for a $360,000 loss in June.

The Fort Erie home at 967 Niagara Parkway was purchased in April 2021 for $1,030,000, according to online real estate records. The homeowner attempted to sell it just over a year later, in October 2022, for $1,650,000. It didn’t sell.

It was listed again in January 2025 for $999,999 and finally sold on July 24 for $735,000.

“In 2021, someone bought this Niagara home for a little over a million. They tried to flip it a year later for more than 60% profit at more than $1.6M,” said real estate commentator Shazi Goalie on X. “No takers.”

The interior of 967 Niagara Parkway.

The listing noted it was a “Power of Sale property” indicating missed mortgage payments.

“The lenders took over in January 2025 and tried to sell it for the 2021 price,” Shazi Goalie said. “The lenders just capitulated and sold it out from under them for $735k.”