A home near Toronto that's been listed multiple times and sold on three occasions in the past six years shows just how much real estate prices in the GTA market can fluctuate on a year-to-year basis. 

The four-bedroom, four-bathroom detached home, located at 28 Fitzmaurice Dr. in Vaughan, boasts 3,300 square feet of living space and a two-car garage. 

The property was first listed on the market on March 18, 2017, and sold just six days later for $2.15 million. Just a year later, the home was listed for rent at $3,700 a month, and eventually sold again in February 2022 for $2.55 million. 

The home was unsuccessfully listed for sale in November 2022 for $1.99 million, nearly $600,000 below what it was sold for just a few months earlier. 

📢 Wrecked in Vaughan 😢

📍Vaughn, ON 🇨🇦

How are these people going to recover? 🤷‍♂️

$600k+ loss & $200k under 2017 price.

Bought at the peak of the market in 2022 for $2.55M. The owners paid $260k over asking and planned to lease it out for $5.5k

After that failed 🚫,… pic.twitter.com/62GszKdk8n

— Shazi (@ShaziGoalie) December 3, 2023

In March 2023, the home's price was hiked up once again when it was listed for $2.59 million. After sitting on the market for roughly three months at this price, the home was relisted and sold for $1.95 million in November 2023 — well below its sale price in both 2017 and 2022. 

According to an October 2023 report from real estate agency, Zoocasa, Canadian homebuyers have taken a step back from the real estate market, as the "cost of borrowing has made buying a home a harder prospect." 

All these losses, and yet prices are still way, way too high. Like, still so absolutely ridiculously overpriced.

Who ever thought this was worth it, seriously?

— MustardClementine (@MustardClem) December 3, 2023

While prices remain high in the GTA, sellers are reportedly having a harder time offloading their properties due to a decline in interest driven by a lack of affordability, meaning that many homes are being sold for less than their listing price while others sit idle on the market for long periods. 

The report sourced numbers from the Toronto Regional Real Estate Board (TRREB) from September 2023 to find out how listing prices in major cities across the GTA compared to how much those homes actually sell for. 

Funny thing is it is still 500k+ overpriced.

— Ess Emm (@EssEmm2000) December 3, 2023

In Vaughan, the average listing price was $1,700,803 in September, while the average sale price was $1,281,624 — representing a 24.65 per cent difference. The sales-to-new-listing ratio (SNLR) in many of the cities analyzed, including Vaughan, sat in the buyers' (0-39 per cent) territory. 

According to the latest report from TRREB, greater affordability for the Toronto-area housing market is also on the horizon as we move into 2024, despite worrying trends throughout 2023 that saw a stiff decline in sales. 

Housing in Toronto is set to get more affordable in the coming months🙌 https://t.co/mAkcQKEt9Z #Toronto #TorontoRealEstate #TorontoHousing

— blogTO (@blogTO) December 5, 2023

"It does appear relief is on the horizon. Bond yields, which underpin fixed rate mortgages, have been trending lower and an increasing number of forecasters are anticipating Bank of Canada rate cuts in the first half of 2024," said TRREB President Paul Baron.

"Home prices have adjusted from their peak in response to higher borrowing costs. This has provided some relief for buyers, from an affordability perspective," said TRREB Chief Market Analyst Jason Mercer.

As mortgage rates trend lower next year and the population continues to grow at a record pace, expect demand to increase relative to supply. This will eventually lead to renewed growth in home prices," Mercer added. 

"Lower rates will help alleviate affordability issues for existing homeowners and those looking to enter the market."