Ontario home sold at $500k loss after 5 failed attempts to sell

An Ontario home sold well below its previous selling price earlier this month sheds light on just how unpredictable the province's real estate market tends to be.

Located along the Lake Ontario waterfront in Hamilton's Stoney Creek community, this four-bedroom, four-bathroom home originally sold for a staggering $2.325 million in April 2022.

According to its listing, the three-storey home boasts three lounge areas, a rooftop terrace, a breakfast bar, an office with glass doors, as well as a retreat-like primary bedroom with a soaker tub and glass shower.

Less than a year after it was sold, the home was put back on the market for $2.498 million, but was terminated shortly after. In May 2023, the home was re-listed for just shy of $2 million, and was taken back off the market less than a month later. 

Shit sellling for 2020 prices in 2024 in Canada.

Buy everything. 🚀🚀🚀🚀🚀🚀🚀 pic.twitter.com/lerleWh8Vg

— EconomicWoes 🦁 (@ManyBeenRinsed) April 10, 2024

In June 2023, the home slashed roughly $50,000 of its previous listing price and was put back on the market for just under $1.95 million, but failed to sell once again. 

The home was re-listed for just shy of $1.9 million in September, but failed to attract any buyers. 

The luxury property was re-listed for a final time in March 2024 at $1,899,900, and managed to finally sell just below its listing price at $1.83 million.

Throughout 2024, there have already been several well-documented cases of properties selling at significant losses. Last month, a home in Burlington's affluent LaSalle neighbourhood was sold for  $700,000 less than it was purchased for just two years earlier. 

Ontario home sold at $800k loss after 11 failed attempts to sell 🏠 https://t.co/npZEPyXUtx #Ontario #RealEstate

— blogTO (@blogTO) January 5, 2024

In another example, a 9,400-square-foot home in North York's St. Andrew-Windfields neighbourhood slashed $2.5 million off its price tag after two failed attempts to sell.

Toronto home slashes $2.5 million off its price after two failed attempts to sell https://t.co/sio1MybfBT

— blogTO (@blogTO) April 11, 2024

Despite these cases, a Toronto Regional Real Estate Board (TRREB) report released earlier this month reveals that tighter market conditions in the GTA will soon drive selling prices even higher. 

"Price growth is expected to accelerate during the spring and even more so in the second half of the year, as sales growth catches up with listings growth and sellers' market conditions start to emerge in many neighbourhoods," said TRREB Chief Market Analyst Jason Mercer.

According to the report, the MLS Home Price Index composite benchmark was up 0.3 per cent year-over-year, with the average selling price increasing by 1.3 per cent to $1,121,615.