A house in southern Ontario has just been sold at a loss of nearly $1 million.
Home prices in the province have been decreasing.
The average selling price in the Greater Toronto Area was $1,058,658 in June 2026, reflecting a drop of 3.9 percent compared to June 2025, according to the Toronto Regional Real Estate Board’s report from July.
Homes in the GTA are still selling for less than what buyers paid just a few years back.
This spring, an Oakville waterfront property was sold for a loss of $1.5 million. Meanwhile, a townhouse in Mississauga recently went for a 55 percent loss.
The latest case involves a luxury home located at 1670 Medad Springs Court in Burlington.
This property was purchased for $3,580,000 back in April 2024, based on online real estate records.
It was listed about two years later, in May 2026, and was sold last week for $2,600,000.
“Someone dropped $3.58 million on this Burlington estate in 2024, more than two years after the market peak,” real estate expert Shazi Goalie stated on X. “They just sold it for $2.6 million. That’s a $1 million loss in roughly 2 years.”
The five-bedroom, six-bathroom home is set on a spacious 2.6-acre lot located in north Burlington.
Features include soaring 20-foot cathedral ceilings, a wine cellar, three fireplaces, an updated two-storey primary bedroom suite, a gym area, an inground saltwater pool and a hot tub.
IS THE GTA RE MARKET OK??
Someone dropped $3.58 million on this Burlington estate in 2024, more than two years after the market peak.
They just sold it for $2.6 million.
THAT’S A $1 MILLION LOSS IN ROUGHLY 2️⃣ YEARS
This wasn’t a peak of the market purchase.
It happened well… pic. twitter. com/7f0r BFc DVN
– Shazi (@Shazi Goalie) August 3, 2026
Lead photo: Re/Max Escarpment Realty Inc.
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