Home purchased for $5.5M sells for huge loss in Mississauga

Home purchased for $5.5M sells for huge loss in Mississauga
A luxury home purchased for $5.5 million just sold for a big loss in Mississauga.Home prices are down across the Greater Toronto Area.The average selling price, at $1,054,372, was down by 7.2 per cent compared to October 2024, according to the Toronto Regional Real Estate Board report.
Mississauga experienced a “surge in homebuyer activity” in October with sales climbing month-over-month by 11.2 per cent, but prices remained flat at an average of $968,036 Sellers of luxury homes take larger hits. A home in a trendy Toronto neighbourhood purchased for over $2 million recently sold at an $800,000 loss. And another place sold for a whopping $1.35 million loss.