A Brampton apartment sold at a significant loss this month demonstrates just how unpredictable prices in the GTA's real estate market can be.According to its listing, the three-bedroom, two-bathroom apartment boasts just over 1,100 square feet of living space,"extensive" renovations including a gourmet kitchen with quartz countertops, and a large balcony with sunset exposure.
Just a year and a half later, the apartment was listed for just over $589,000, and again one month later for $574,000.After paying $126K over asking for this 3 bedroom Brampton condo in 2022, the owner relists it 9️⃣ times before it's sold for a whopping 33% loss. 😱🏠The unit was re-listed at the same price again in February and March 2024, although it failed to attract any buyers.
Despite this hefty discount, the apartment sat on the market, and was re-listed three times through May 2024 at various price points between $509,000 and $549,000. Finally, the home was re-listed for $489,000 this month and eventually sold for $487,000 — exactly $238,000 less than it was originally sold for just two years prior.However, the report notes that as demand picks up through the region, sellers will see renewed pressure on home prices as competition between buyers continues to increase.
"As borrowing costs decrease over the next 18 months, more buyers are expected to enter the market, including many first-time buyers," added TRREB President Jennifer Pearce.