Single Detached Home Recently Sold for 34% Lower Than it was Purchased For in 2022
According to data from HouseSigma, a 3 bedroom, 3 bathroom single family home in London, Ontario recently sold for $710,000.
Based off of historical transaction records, we find that this home has been purchased for $1,070,000 at the peak of the housing bubble in Canada:
When we look back at the original purchase in 2022, we find a purchase price of $1,070,000:
A $360,000 Loss
The two prices mean this deal saw a whopping -34% return and a $360,000 loss.
These losses are becoming more common in Ontario for those who bought at peak housing prices; as interest rates continue to bite, many owners are unable to make the payments, forcing them into selling in an unfavorable market.
