Turbulent Market
The two-bedroom, two-bathroom apartment, located at 190 Borough Drive in Scarborough, comes with over 1,000 square feet of living space, an open-concept modern kitchen with granite countertops, and stainless steel appliances.
According to the listing, the building itself also comes with its fair share of amenities, including 24-hour security, a gym, pool, sauna, BBQ area, party room, and visitor’s parking.
After roughly one week on the market in February 2022, the apartment sold for $868,000, at a time when the city’s real estate market saw an uptick in demand and skyrocketing prices thanks to cheaper borrowing rates.
Just over two years later, the apartment was put back on the market for $684,900. Following two weeks on the market, the apartment eventually sold for $653,000 — representing a substantial loss of $215,000 in just two years.
Over the past few months, more and more properties in and around Toronto have been selling at massive losses, including one Mississauga condo that was sold in April at a $250,000 loss.