A house in Ontario just sold for an $850,000 loss.
Homes in the Greater Toronto Area are selling for much less than the peak prices of 2022, and even lower than just one year ago.
The Toronto Regional Real Estate Board reported that the average selling price dropped 4.5 percent year-over-year in July to $1,003,956, and the composite benchmark price, which reflects the typical home, fell by 4.6 percent.
Houses bought at peak prices in 2022 continue to sell at significant losses.
An Oakville waterfront property sold this spring for a loss of $1.5 million. A townhouse in Mississauga went for a 55 percent loss. A Burlington home experienced nearly a $1 million loss in July.
The most recent case is a five-bedroom house located at 67 Keatley Dr. in Vaughan.
This property was purchased for $3,250,000 in January 2022, according to online real estate records. It was listed for sale again in June this year for $2,780,000 and ultimately sold for $2,420,000 in August.
“Vaughan real estate was supposed to be the safe bet,” real estate expert Shazi Goalie commented on X. “Detached home bought for $3.25M in 2022. Just sold for $2.42M. $830,000 gone. That’s not a correction. That’s somebody’s entire house in other parts of Ontario.”
The listing from Anjia Realty describes the home as a luxurious estate with a three-car garage and over 5,200 square feet of living space.
It features hardwood floors, custom millwork, ten-foot ceilings on the main level and ensuite bathrooms attached to each bedroom.
This residence is conveniently located near Carrville Community Centre, Vaughan Mills shopping center, Rutherford and Maple GO Stations, parks and major highways.
Vaughan real estate was supposed to be the safe bet.
DETACHED HOME bought for $3.25M in 2022.
Just sold for $2.42M.
$830,000 GONE.
That’s not a correction. That’s somebody’s entire house in other parts of Ontario. pic. twitter. com/CH0g3b Bcd F
– Shazi (@Shazi Goalie) August 21, 2026
Lead photo: Anjia Realty
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