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Whether you’re looking to purchase a home or trying to sell one, it’s tough out there.

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Buyers and sellers are being understandably cautious with everyone worried about interest rates.

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Two homes on the same northwest Brampton street that were up for sale 2 1/2 years apart had significantly different selling prices, showing just how much the real estate market has changed.

X user @ShaziGoalie, who regularly posts “weird and wonderful happenings” in the Ontario real estate market, shared how last week was “brutal” in Brampton, calling it a “bloodbath.”

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The three properties highlighted were all on the market about two years ago.

One house suffered a $265,000 loss from 2021 and was a power of sale (it originally sold for $1.315 million in November 2021 and just sold for $1.05 million), while another sold for $250,000 less (sold for $1.375 million in May 2022 versus $1.125 million now.)

Meanwhile, the third listing, a four-bedroom, five-bathroom home at 608 Queen Mary Dr., sold for $1.545 million. While that’s a hefty asking price for the home in the Mayfield and McLaughlin Rds. area, it originally sold for $1.77 million in December 2021 for a loss of $225,000.

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The sale came just after the listing of the house was terminated in November 2023 when it failed to sell for $1,699,900.

One commenter pointed out how much more a home that shared many of the same features as 608 Queen Mary Dr. sold for in 2022.

“The house right next door that just sold for $1,545,000, which is identical by the way, sold for $1,935,000 in April 2022,” podcast host Jason Geall noted.

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Both homes had the same number of bedrooms and bathrooms, had similar kitchens, nine-foot ceilings and finished basements with separate entrances.

Buyers at the time were fighting over the limited properties available to them, presumably to take advantage of the rock-bottom interest rates.

But even in April 2022, the real estate market was starting to show signs of cooling, Brynn Lackie reported at the time.

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The average home price at the end of 2023 was $1,084,692, up 3.2% from December 2022, according to the latest market report from the Toronto Regional Real Estate Board.

That said, GTA home sales rose 11.5% last month compared with the same period the year before and the real estate board is hopeful 2024 will bring a rebound in activity following a year plagued by unaffordability.

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