Under-Water Properties in Ontario
Homes selling at a loss — for less than the owner paid
An under-water home is one now worth less than the mortgage owed on it — often bought when prices were higher, and now listed for less than the owner paid. They're on the MLS like any other listing, with nothing to flag them, so you can't find them by searching. Christine Domina digs them out and keeps this list current.
What does it mean when a home is under water?
It means the owner owes more on their mortgage than the home is worth today, so it's listed for less than they paid. An under-water home isn't a power of sale — those are on our separate Power of Sale list.
Who's selling these homes, and why?
Mostly owners who bought at the peak of the bidding wars, rode three years of climbing rates, then renewed onto far higher ones. These usually aren't fixer-uppers — they're well-kept homes, many brand new, at every price point and in every neighbourhood across Ontario. Read the full story ›
Where are they, and how do I keep up?
Peterborough, Northumberland (Cobourg, Port Hope), Durham Region (Port Perry, Scugog, Uxbridge), Kawartha Lakes and Georgina. The list below shows every under-water home currently for sale — or subscribe below to get the new ones sent to your inbox the day they're listed.
Homes selling at a loss — listed for less than the owner paid, hand-picked from the MLS where nothing flags them. Scroll down to see every one currently for sale.
423 Featured Properties Available
- 1/50 50
New$ 599,999
3 Beds3 Baths3,358 Sqft Lot - 3D
New$ 639,000
3 Beds2 Baths7,492 Sqft Lot - 1/44 44
New$ 800,000
4 Beds2 Baths - 1/49 49
New$ 1,430,000
3 Beds3 Baths - 1/27 27
New$ 1,149,000
3 Beds2 Baths - 1/45 45
New$ 814,500
3 Beds3 Baths - 1/44 44
Price Dropped by $15K$ 754,900
4 Beds3 Baths - 1/50 50
Price Dropped by $75K$ 1,399,000
3 Beds3 Baths3.4 Acres Lot - 1/32 32
New$ 874,900
3 Beds3 Baths2.82 Acres Lot - 1/30 30
New$ 1,238,000
4 Beds4 Baths - 3D
New$ 775,000
3 Beds3 Baths - 1/44 44
New$ 730,000
3 Beds3 Baths - 1/24 24
New$ 795,000
4 Beds3 Baths - 1/27 27
New$ 694,900
4 Beds2 Baths - 1/50 50
New$ 745,000
2 Beds3 Baths
