A home sold at a staggering $800,000 loss is just the latest example of a property in and around the GTA
The custom-built home was originally sold in March 2022 for $2.55 million — at a time when cheaper borrowing rates resulted in heightened demand throughout the province's real estate market, which, in turn, drove prices up. As a result, the lender forces a sale on the public market and gets all the funds owed to them, while the current owner gets to keep any excess profit. In a foreclosure scenario, the lender usually takes ownership and gets to keep all the profits from the sale.
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