Ontario home sold at $600,000 loss from its 2022 price

At the height of Ontario's pandemic housing frenzy, buyers in the province were continuously paying thousands (and in some cases, hundreds of thousands) of dollars over asking just to secure a home, but now, in a vastly different market, sellers are being forced to considerably slash prices just to attract an offer.

Take this home in Caledon, Ont., for example, which sold earlier this month for nearly $600,000 less than its original 2022 price. 

According to its listing, the detached, brick home boasts four bedrooms, four bathrooms, a two-storey foyer, and a finished basement with a second kitchen, bathroom, bedroom, and living space. 

The home was originally sold back in February 2022 for $1,735,000, at a time when heightened demand resulted in sky-high prices across the region. Over the next few years, the home was re-listed at varying price points, including twice in June 2025 for just under $1.4 million and $1,349,000, in July 2025 for just under $1.3 million, and again in October at the same price point. 

The home's sale history.

Finally, the home was put back on the market for just under $1.2 million in December, and managed to sell earlier this month for $1.16 million — representing a loss of $575,000 compared to its price just four years earlier. 

Over the past year, a growing number of homes across the province have sold for less than their original asking prices, while national home sales activity has also declined. According to the Canadian Real Estate Association (CREA), home sales recorded over Canadian MLS Systems fell 5.8 per cent on a month-over-month basis in January. 

"The monthly decline in national home sales was driven primarily by less activity in the Greater Golden Horseshoe and Southwestern Ontario, suggesting that the story was probably more about a historic winter storm than a downshift in demand," said Shaun Cathcart, CREA's Senior Economist.

"Notwithstanding the chilly start to the year, we continue to expect 2026 will ultimately be defined by pent-up demand from first-time buyers finally seeing a chance to enter the market." 

The report found that prices remained down on a year-over-year basis in several provinces, including Ontario. 

Looking ahead, the Toronto Regional Real Estate Board (TRREB) predicts that GTA home sales will range between 60,000 and 70,000 transactions in 2026, and the average price range will be between $1 million and $1.03 million. 

The outlook notes that average selling prices will most likely be lower year-over-year in the first half of 2026, before finally stabilizing. 

In January, the average selling price in the region was down to $973,289, representing a decline of 6.5 per cent compared to the same time last year.