Doug Ford sells Etobicoke home for less than $3.2M asking price
Posted August 26, 2022 5:22 pm.
Last Updated August 26, 2022 5:49 pm.
Ontario Premier Doug Ford’s home is off the market but sold for far less than the original asking price.
On August 23, the Fords sold their Etobicoke suburban residence at 6 Tettenhall Road for $2.7 million — almost $500,000 less than the listing price of $3.1 million.
The nearly 4,500-square-foot house, which first hit the market in July, comes with six bedrooms and four bathrooms.
Ford’s real estate agent, Monica Thapar, was urged to take down her advertisements for the Premier’s family home after her campaign ignited unwanted attention once it became public.
The Premier and his wife, Kayla, bought the home in 1998 for $535,000. Ford explained to the Toronto Star his family decided to move into his late mother’s house, Diane Ford, who passed away in 2020.
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After fuelling Canada’s economy through the COVID-19 pandemic, the real estate market is showing signs of weakness as home prices fall and bidding wars dissipate.
The average home price is still above pre-pandemic levels, but increasing mortgage rates and inflationary pressures are weighing on the market.
When pandemic lockdowns began in March 2020, the Toronto Regional Real Estate Board said the average home price in the area — one of Canada’s hottest — sat at $902,680.
Last month, it was $1,074,754, a one per cent hike from July 2021 but a six per cent drop from June 2022. The latest data from the Canadian Real Estate Association (CREA) showed prices hit $629,971 in July, down five per cent from $662,924 last July.
With files from Tara Deschamps of The Canadian Press
