Toronto home sold at massive $400k loss after years of failed sales

A Toronto home listed for sale multiple times over the past decade and eventually sold at a significant $400,000 loss demonstrates just how much prices in the city's real estate market yo-yo up and down. 

The detached home, located at 12 Aldwinckle Hts. in York University Village, boasts 11 bedrooms and 10 bathrooms and, according to its listing, presents a huge "rental income" opportunity for its buyer. 

Despite this, the home has quite a turbulent sale history. After selling for $830,000 in 2015, the home went on to be listed for sale six times at varying price points, including once in 2017 for $999,888.

Although this particular sale attracted a buyer, the deal ultimately fell through, and the home was listed for sale again on two separate occasions, once for $988,800 in 2017 and $1,155,000 in 2020. 

"Toronto Housing Crisis"

📍North York, ON 🇨🇦

$1.05M Home Sells for $400K Loss Since 2022, Just $50K Over 2017 Price! 👇🏽 pic.twitter.com/zHUlF2Agt0

— Shazi (@ShaziGoalie) June 9, 2024

Finally, the property managed to sell for $1,135,000 in 2021, but was put back on the market twice throughout the rest of the year. The home successfully sold for $1.45 million in February 2022, at a time when many prospective buyers flooded the city's real estate market to take advantage of cheaper borrowing rates. 

In March 2024, the home was listed for sale at $1.299 million. After sitting on the market for roughly three months, it was sold for $1.05 million — approximately $400,000 less than it was originally sold for just two years prior. 

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

Buyers throughout the region also benefitted from increased choice in the market, which helped with negotiating lower prices. 

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

— blogTO (@blogTO) January 5, 2024

"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.

GTA realtors reported 7,013 home sales through TRREB's MLS System in May 2024 – a 21.7 per cent decline compared to 8,960 sales reported in May 2023. On the other hand, new listings entered into the system amounted to 18,612 — up by 21.1 per cent year-over-year.

"As demand picks up, we will likely see renewed upward pressure on home prices as competition between buyers increases," said TRREB Chief Market Analyst Jason Mercer.