Toronto home sold at massive $430k loss after 5 failed attempts to sell

After multiple failed attempts to sell throughout 2023 and 2024, a luxurious Toronto home was finally sold at a staggering $430,000 loss this month. 

The two-bedroom home is located in Toronto’s affluent Teddington Park neighbourhood and boasts three bathrooms, an iron gate, a heated driveway, and heated floors. 

The property first sold for $3.88 million in May 2023, and just four months later, was put back on the market for $4.6 million. That same October, the home was re-listed for a mind-boggling $9.6 million, but quickly slashed millions of dollars off its price in February and March 2024, when it was listed just shy of $4 million both times. 

In its fifth attempt to sell, the home was put on the market for $3.88 million in May 2024, but failed to attract any buyers once again. Finally, the home sold for $3.45 million last week, representing a loss of $430,000 when compared to its price just a year and a half earlier. 

As GTA’s housing market remained well-supplied throughout the summer, many homes also sold well below their listing prices, including a four-bedroom home in London that was sold at a loss of $650,000 following four attempts to sell, as well as a custom-built home in Oshawa that sold at a $800,000 loss.

Although buyers continued to benefit from more choice throughout August, a Toronto Regional Real Estate Board (TRREB) report reveals that average home prices only edged slightly lower when compared to the same time last year. 

“The Bank of Canada’s rate cut announced on September 4 will lead to a further improvement in affordability, especially for those using variable rate mortgages,” said TRREB President Jennifer Pearce.

“First-time buyers are especially sensitive to changes in borrowing costs. As mortgage rates continue to trend lower this year and next, we should experience an uptick in first-time buying activity, including in the condo market.” 

According to the report, the MLS Home Price Index Composite benchmark was down by 4.6 per cent year-over-year in August 2024, and the average selling price was down by a lesser 0.8 per cent compared to August 2023 to $1,074,425.

“As borrowing costs trend lower over the next year-and-a-half, home buyers will initially benefit from both lower monthly mortgage payments and lower home prices,” said TRREB Chief Market Analyst Jason Mercer.

“Even as demand picks up, especially in 2025, it will take time for the inventory of listings to be absorbed. Ample choice in the market will help keep price growth moderate, at least in the initial phases of recovery.”