A three-bedroom home in Kitchener, Ontario, recently sold for significantly less than its initial price just two years ago, highlighting the changing dynamics of the Canadian real estate market. The property initially sold for $1.62 million in 2022 but was eventually listed for under $1.2 million and ultimately sold for $1.16 million, representing a loss of $460,000.
According to its listing, the three-bedroom, four-bathroom home, located in a serene neighbourhood in Kitchener , boasts nearly 4,200 square feet of living space, a modern kitchen, a luxurious primary suite, and a fully finished basement.
Two and a half years later, the home was re-listed for just shy of $1.35 million but failed to attract any buyers. The home was put back on the market for a second time in September 2024 for just under $1.2 million and eventually sold for $1.16 million — representing a loss of $460,000 when compared to its price just two years earlier. October 11, 2024
"Sales gains are now three for three in the months following interest rate cuts, which is a trend even though the increases weren’t headline-grabbing," said Shaun Cathcart, CREA's Senior Economist. According to the report, home sales recorded over Canadian MLS systems climbed 1.9 per cent on a month-over-month basis in September 2024, reaching their highest level since July 2023, with the national increase being led by the GTA and Hamilton-Burlington.
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