Yet another home priced over $1 million has sold for a loss of over $500,000.

Across the GTA and southern Ontario, many homes are selling for well below 2022 prices – including a 4+3-bedroom, two-car garage home on Cirillo Street in Brampton.

The home was first bought in 2022 for $1.73 million after being listed at $1.97 million, and had since been listed several times. In 2023, a little more than a year after it was bought, the home was listed for $1.79 million.

And after multiple listings in the $1.4 million and $1.5 million range, the home finally sold in March for $1.22 million – that’s a loss of $513,000.

“Years of listings. Price cuts. No buyers. Now the bank steps in,” Real estate watcher @ShaziGoalie said in a post on X that the home was sold under a “power of sale” – a type of mortgage clause that permits the lender to foreclose on and sell a property when the borrower defaults on the loan.

Back in August, a home once bought for $1.3 million sold for $469,000 loss in Brampton, while another property bought for over $1.7 million sold at $520,000 loss.

The trend isn’t exclusive to Brampton, including homes in Oshawa (sold for a $750,000 loss), Toronto (sold for a $1.65 million loss last month,” and Mississauga (sold for a $425,000 loss) this month.

The average selling price across the GTA is down 7.1 per cent from February 2025 to $1,008,968, according to a report from the Toronto Regional Real Estate Board.

Brampton’s real estate market was heading into a “surge” at the start of the year, with a 64.4 per cent spike in new listings in Brampton (up to 932) in January and a 17 per cent spike in detached home sales in February, up to 170.

Years of listings.

Price cuts.

No buyers.

Now the bank steps in.

A Brampton home bought for $1.73M in 2022 just sold under power of sale for $1.22M.

$515,000 gone. pic.twitter.com/7GYwjSZIEX

— Shazi (@ShaziGoalie) March 16, 2026


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