Ontario condo sold at 25% loss just two years after purchase

With home sales activity slowing down in most major Ontario housing markets throughout the spring, prospective buyers benefitted from more wiggle room when negotiating lower prices. 

As a result, more and more homes have sold well below their listing prices over the past few months — including this two-bedroom, two-bathroom condo in Burlington's Tansley neighbourhood. 

According to its listing, the 1,000-square-foot condo boasts a spa-like four-piece primary ensuite with double sinks, a gas fireplace, and upgraded flooring. 

The unit was first sold in February for $865,000, at a time when cheaper borrowing rates contributed to heightened demand throughout the province's real estate market and, in turn, drove home prices up. 

The condo was put back on the market in May 2024 at a significant price reduction ($679,000), but this listing was terminated a short while later. Finally, the unit sold for $645,000 this week, representing a $220,000 loss when compared to its selling price just two years earlier. 

"Burlington Condos are Getting Hammered 🔨"

📍Burlington, ON 🇨🇦

$220k loss in 2 years on this condo bought for $865k in 2022. That's a 25% loss. 📉💸 pic.twitter.com/efbjWxlcPB

— Shazi (@ShaziGoalie) July 9, 2024

Other cases in recent weeks include a three-bedroom apartment unit under condo ownership in Brampton that sold at a devastating $238,000 loss after nine failed attempts to sell. 

More examples include a one-bedroom, one-bathroom unit in Oakville's Glen Abbey neighbourhood that was sold at a significant loss of $237,000, and a Toronto condo that was sold at a $305,000 loss when compared to its price just two years earlier. 

According to the Canadian Real Estate Association's (CREA) latest report, May continued to be a relatively uneventful month for many housing markets throughout Canada as the national month-over-month home sales edged slightly lower. 

"May was another sleepy month for housing activity in Canada, although it may prove to be the last of those now that interest rates have moved lower," said Shaun Cathcart, CREA's Senior Economist.

Home sales activity recorded over Canadian MLS Systems dipped 0.6 per cent between April and May 2024, remaining slightly below the average of the last 10 years.