Another property has sold at a significant loss in southern Ontario.
Although home prices are still out of reach for many, they have dipped compared to a few years back in the Greater Toronto Area.
The average selling price fell by 7.1 percent from February 2025 to $1,008,968, as reported by the Toronto Regional Real Estate Board. The number of sales is also down-3,868 homes were sold in February, which is a 6.3 percent decrease from the same month last year.
A lot of homes are being sold for much less than their values from 2022.
A house in Oshawa experienced a $750,000 loss in February. A property in Toronto lost $1.65 million last month. Additionally, a Mississauga home had a $425,000 loss this month.
The most recent case is located at 1622 Hollyhedge Dr. in the Brock Ridge area of Pickering.
This four-bedroom property was purchased for $1,440,000 back in March 2022, according to online real estate records.
The home was listed at $959,900 and ultimately sold for $920,000 this week-a loss of $520,000.
“In 2022, a buyer paid $1.44M for this Pickering home,” real estate expert Shazie Goalie stated on X. “This week it sold under power of sale for $920K. That’s $520,000 wiped out.”
The detached house boasts over 2,000 square feet of living space as per the listing.
It features an open-concept living and family room with access to the backyard and includes a separate entrance to a one-bedroom basement apartment.
In 2022, a buyer paid $1.44M for this Pickering home.
This week it sold under power of sale for $920K.
That’s $520,000 wiped out.
The housing cycle is doing what cycles do. pic. twitter. com/VS5Cctsz B6
– Shazi (@Shazi Goalie) March 12, 2026
Lead photo: Re/Max Realton Realty Inc.
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