Brampton home re-listed four times in two years shows just how much prices fluctuate

A detached home in Brampton that was re-listed four times in just two years shows just how much home prices tend to fluctuate in the GTA's turbulent real estate market. 

According to its listing, the 4+3 bedroom home, located at 11 Eiffel Blvd. in Brampton, boasts a finished basement, porcelain tiles, stainless steel appliances and a list of renovations, including a fully-upgraded kitchen, new roof, new backyard deck and revamped closets. 

The home's rocky sales history was shared in an X post by @ShaziGoalie, who regularly shares notable happenings in Ontario's real estate market. 

Similar to many other properties for sale in the GTA, the home's listing price has changed dramatically over the past few years, and varied up to 600,000 at one point. 

"Castlemore Collapse"🏚

📍Brampton, ON 🇨🇦

Major Price Discovery 📉

After listing 4️⃣ times with massive price reductions, (3️⃣ times at the TOP of the market), sellers change brokerages and finally sell almost two years and $714k under their original asking price.

Did they… pic.twitter.com/qoMBs19kWZ

— Shazi (@ShaziGoalie) May 24, 2024

The six-bathroom home was first listed for sale for $2,599,000 in April 2022, a time when a surge in demand skyrocketed home prices across the GTA as buyers sought to take advantage of cheaper borrowing rates. 

Just three weeks later, the home was re-listed for $2,499,000, a slight reduction, but again failed to attract any buyers. In May 2022, the home was listed again — this time at $2,495,000. 

In September 2023, the house was put back on the market at a more significant price reduction. Despite lowering its price to $1,999,000, the listing expired after sitting on the market for three months. 

Finally, the home was listed for sale in January 2024 for $1,999,900 and finally sold for $1,885,000 just a few weeks later — roughly $115,000 less than it was originally listed for. 

According to the Toronto Regional Real Estate Board's (TRREB) latest report, May home sales in the GTA continued at low levels, especially in comparison to last spring's short-lived pick-up in market activity. 

The report notes that buyers in the region benefitted from more negotiating room on prices, as there was more choice in the market compared to a year ago. 

"As borrowing costs decrease over the next 18 months, more buyers are expected to enter the market, including many first-time buyers. This will open up much needed space in a relatively tight rental market," said TRREB President Jennifer Pearce.

The MLS Home Price Index Composite benchmark was down by 3.5 per cent on a year-over-year basis in May 2024. The average selling price of $1,165,691 was down by 2.5 per cent over the May 2023 result of $1,195,409. On a seasonally adjusted monthly basis, the average selling price edged up slightly compared to April 2024.

Toronto's real estate market continues to be so overrun with homes no one is buying https://t.co/7KDH6xNjYI

— blogTO (@blogTO) June 5, 2024

"While interest rates remained high in May, home buyers did continue to benefit from slightly lower selling prices compared to last year. We have seen selling prices adjust to mitigate the impact of higher mortgage rates," said TRREB Chief Market Analyst Jason Mercer.

"Affordability is expected to improve further as borrowing costs trend lower. However, as demand picks up, we will likely see renewed upward pressure on home prices as competition between buyers increases."