Doug Ford relists house for $400K less

Doug Ford’s home can be yours for a brand new price of $2.8 million. It has been less than a month since Doug Ford listed his house for sale. On July 15^th, Ford and his wife put their six-bedroom Etobicoke home up for sale at just under $3.2 million. Now the house rests at a new price of $2,800,888.

Ford’s property, which sits at 6 Tettenhall Road in Toronto, is just one of many to fall victim to the current harsh real estate market. A recent report suggested this month that terminated listings across the GTA have increased by 643 per cent since the start of the year.

This year alone, real estate has gone from great investments to staggering low interest from home buyers.

With the Bank of Canada hiking interest rates this month, Ontarians interested in home buying are running for the hills, including Ford, who has said to be moving to his late mother’s house, which has been empty since she died in January 2020.

The rising interest rates and borrowing costs have greatly affected real estate prices to where sellers are no longer the ones with the power in Ontario.

Toronto Re/Max Hallmark Realty agent Desmond Brown has said no seller is immune, even if it is the Premier of Ontario.

“The premier is experiencing what most sellers are experiencing right now — they are chasing the market downwards in an effort to find the right price.”

Cold real estate

The $399,000 drop in the price of Ford’s home currently reflects the housing situation. Even with that price drop, Ford home is still not attainable in this economy.

RBC warns of a “historic” housing correction where Ontarians could see average house prices drop by 14 per cent from their February peak.

Ford’s home sits in the upscale Princess Anne Manor neighbourhood near The Kingsway. The six-bedroom, four bathrooms, 4,500-square-foot house comes with walk-in closets, a landscaped pool, among other nice features.

Only last year, a 44-year-old man allegedly armed with a knife was arrested at Ford’s home by the local police while the family was out.

Protesters have also targeted Ford’s home in the past during the COVID-19 pandemic.

In other news, Ford’s real estate agent has been instructed to stop using his name in ads selling his house.