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. The detached two-storey house, located at 27 Jacksonville Drive Brampton, sold for $1.7 million on Jan. 5, 2024. It had been listed for $2.3 million two years earlier in January 2022. Brown said-
“Real estate is a long game, so if people are going to be selling just two years later, they are going to be losing money”
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,” Brampton Mayor Brown said.
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.
