Ontario home sold for $1.1 million loss compared to peak 2022 price

A Brampton home sold at a staggering $1.1 million loss this month shows how far real estate prices have fallen in the Greater Toronto Area since peaking in 2022. 

The four-bedroom, six-bathroom home, which was built less than a decade ago, was first sold for $2.8 million back in January 2022, at a time when cheaper borrowing rates led to heightened demand and a rapid rise in prices across Ontario. 

According to its listing, the home boasts over 5,000 square feet of living space, three garages, and a modern kitchen with upgrades. 

The home's sale history. 

The property was put back on the market just four years later this April at $1,724,900; however, the listing expired before a sale was successfully finalized. The home was re-listed the same month and went on to sell conditionally this week for $1,699,000 — exactly $1,101,000 less than it sold for back in 2022. 

The property joins a growing list of homes that have been listed for and sold at prices far lower than they did just a few years ago. 

In its latest Market Watch report, the Toronto Regional Real Estate Board (TRREB), revealed that housing market conditions tightened in the GTA last month, compared to July 2025. 

New listings dropped significantly, while home sales "edged slightly lower" over the same period, suggesting buyers faced more competition amongst each other. 

"With sales accounting for a larger share of listings, buyers may find there is less room to negotiate moving forward. If current trends continue, home prices could start to level off compared to last year," said TRREB President Daniel Steinfeld.

"Many would-be homebuyers are waiting for confidence in the market and broader economy to improve before making a purchase. This includes more clarity on tariffs, inflation and borrowing costs." 

Throughout July, GTA realtors reported nearly 6,000 home sales, representing a slight dip of 0.9 per cent compared to the same month last year. At the same time, new listings reached 14,484, representing a massive drop of 17.8 per cent year-over-year.

Overall, TRREB found that the average selling price of $1,003,956 in the region was down by an annual rate of 4.5 per cent. 

"While uncertainty about the economy and borrowing costs persists, recent news has been more positive than expected. The latest readings on economic growth and jobs surprised to the upside. This could help bolster consumer confidence and prompt an uptick in home purchases in the months ahead, especially if home prices stabilize as we move through the fall," added TRREB Chief Information Officer Jason Mercer.

The Canadian Real Estate Association's most recent report also reveals that national home sales edged up 0.5 per cent month-over-month in July, while the MLS Home Price Index rose by 0.1 per cent month-over-month. 

Other Ontario properties have sold at much lower prices this year, including a detached Mississauga home that also sold at a $1.1 million loss compared to its 2021 price and a Brampton home that sold for hundreds of thousands of dollars less than its 2022 price.