The GTA housing market has remained well-supplied throughout the spring and early summer, meaning many hopeful buyers in the region have benefitted from increased choice and more room when negotiating home prices. 

As a result, many homes — including this Mississauga condo — have been sold well below their original selling prices, and have even gone through the wringer when trying to find a buyer (try 10 attempts in this case). 

The condo's peculiar sale history was shared on X by @ShaziGoalie, who regularly shares notable happenings in the province's real estate market. 

The three-bedroom, two-bathroom apartment, located in downtown Mississauga, was first sold for $650,000 in February 2022, at a time when cheaper borrowing rates contributed to heightened demand and sky-high prices throughout the region. 

According to its listing, the penthouse condo boasts an open balcony with views of Toronto's downtown core, no carpets, and a two-piece ensuite off the primary bedroom. 

The condo was re-listed in October 2022 for $675,000 but was taken off the market shortly after. In November 2022, the home was re-listed for $659,900, and again in January 2023 for $658,400. 

"This is what we mean by 'Price Discovery' 📉"

📍Mississauga, ON 🇨🇦

Listed 🔟 times before being sold for a whopping 20% loss. 💸 pic.twitter.com/VCNkW3U7dL

— Shazi (@ShaziGoalie) July 10, 2024

The unit saw its first significant price reduction in July 2023, when it was listed for $579,000, however, this discount still failed to attract any buyers. 

In August 2023, the condo was listed twice — once for $639,000 and once for $620,000. Unfortunately, the failed attempts to sell didn't stop there. In September 2023, the unit was re-listed for $575,000 and again in December 2023 for $494,999. 

The condo's last failed attempt to sell occurred in February 2024 when it was listed for $560,000. 

Finally, the unit was listed for $524,900 in April 2024, and finally sold three months later in July for $525,000 — exactly $125,000 less than it originally sold for just two years earlier. 

Multiple other condos in the GTA have sold well below their original selling prices in recent weeks, including a three-bedroom condo in Brampton that sold at a devastating $238,000 loss after nine failed attempts to sell, a one-bedroom unit in Oakville that was sold at a loss of $237,000, and a Toronto condo that was sold at a $305,000 loss when compared to its price just two years earlier. 

According to the Toronto Regional Real Estate Board's (TRREB) latest report, June 2024 home sales in the GTA were lower compared to the same month last year, with many buyers putting their home purchase decision on hold. 

As a result, the region's market remained well-supplied and led to a slight dip in the average selling price when compared to June 2023. The average selling price of $1,162,167 was down by 1.6 per cent over the June 2023 result of $1,181,002.

"The GTA housing market is currently well-supplied. Recent home buyers have benefitted from substantial choice and therefore negotiating power on price," said TRREB Chief Market Analyst Jason Mercer.

"Moving forward, as sales pick up alongside lower borrowing costs, elevated inventory levels will help mitigate against a quick run-up in selling prices."