An Ontario home that sold at a huge loss just months after being relisted shows how frequently prices fluctuate in the province's real estate market.
The sprawling 23-acre property in question at 76 Ridge Road West in Grimsby overlooks the GTA skyline and features scenic private trails, campsites, a beach volleyball court and even an indoor swimming pool, according to the listing.
Imagine buying a villa in Ontario
and lost a million dollars in 9 months.
“Your discoveries” pic.twitter.com/GN8WIGd7GH
— Tablesalt 🇨🇦🇺🇸 (@Tablesalt13) March 12, 2024
The 16,000 square foot mansion originally sold in June 2023 for $5,850,000. Just a month later, the property was put back on the market for an incredible $5,950,000, but it was foreclosed on shortly after.
In February 2024, the home was relisted for the same price, but the winning offer was just $4.94 million, which is about $900,000 less than the price the property sold for just a few months earlier, and was listed for about $1 million less than the price it was sold for.
The Grimsby property isn't the only Ontario home sold at a massive loss in 2024. Just this week, another home in Burlington's affluent LaSalle neighborhood sold for $700,000 less than it was originally purchased just two years earlier, after several failed attempts to sell.
Despite these cases of homes selling well below their list prices, the Toronto Regional Real Estate Board (TRREB) found in its latest market report that sales prices in the GTA actually increased slightly in February, largely due to “population growth” and a was due to “resilient regional economies,” which further boosted overall demand for housing.