Brampton house sold at $640K loss 2 years after purchased
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A Brampton house that just sold at a $640,000 loss – after it was listed a handful of times – speaks to the state of the market in the outskirts of Toronto, real estate experts say.
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The detached two-storey house, located at 27 Jacksonville Drive, sold for $1.7 million on Jan. 5.
The house sold for $2.3 million two years earlier in January 2022.
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At the time, prices were “completely out of control” and in many cases “highly artificial,” Toronto real estate agent Desmond Brown said, describing the super low rates available in the first years of the pandemic.
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“We always knew that when prices were going crazy during COVID and post COVID that the outlying area of Toronto would suffer the most when things settled down or when there was a turnaround,” Brown said.
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While the Jacksonville property sold at a major loss, Brown said the drop wasn’t as steep as the overall market in Brampton.
The average price of a detached home in Brampton dropped 30 per cent between January 2022 and December 2023, Brown said. By comparison, the Jacksonville house decreased in value by 25 per cent in the same time period.