Sellers take a $190,000 hit on house bought at the peak of the market

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Sellers take a $190,000 hit on house bought at the peak of the market
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Five-bedroom house in Etobicoke has 2,539 square feet of living space

The eat-in kitchen has walkout access to a hot tub and patio in the backyard.The owner of this five-bedroom house bought it for $2.64-million in 2021, but their plans changed in the following year, so they put it back on the market at a slight markup of $2.69-million in January. One buyer came through with an offer, but at a steep discount – $190,000 less than what the seller had paid.

“For a Kingsway house that’s detached, you’re looking at around $2-million just for dirt, so the fact this was a larger, five-bedroom house with ample parking, at $2.5-million, it represented good value for someone looking to move up from a smaller detached or semi-detached home.”The house has 2,539 square feet of living space, including a large family room on the main floor.This two-storey house was built over 100 years ago but has been modernized and expanded by successive owners.

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