Although Toronto's real estate market saw a moderate increase in the average March home price compared to last year's level, many homes across the city continue to sell well below their asking prices, and this latest luxury home is no exception. 

Located at 30 Harrison Road in North York's affluent St. Andrew-Windfields neighbourhood, this gated property was first listed for a staggering $7.5 million in June 2023. 

According to its listing, the lavish 9,400-square-foot home boasts a pie-shaped lot, automatic gated entrance, circular driveway, iron staircase, private elevator, sauna, steam rooms, four fireplaces, six bedrooms, and 11 bathrooms. 

Despite its long list of amenities, the home failed to attract any buyers and was removed from the market in November 2023, only to be relisted for just under $7 million the same month. 

@ShaziGoalie pic.twitter.com/I0qROpjodX

— McRoberts Cafe (@McRobertsCafe) April 9, 2024

The opulent home sat on the market for a few more months before it was removed and relisted for $4,999,988 on April 9, 2024 — roughly $2.5 million less than it was initially listed for just a year earlier. 

This isn't the only property in Ontario to be relisted at a potentially significant loss in 2024. Last month, a home in Burlington's affluent LaSalle neighbourhood was sold for $700,000 less than it was purchased for just two years prior. 

In another case, a home in Caledon was sold at a near $600,000 loss after four failed attempts to sell. 

Ontario home sold at nearly $600k loss after 4 failed attempts to sell https://t.co/kHxyJW33Ku

— blogTO (@blogTO) April 5, 2024

Despite these notable cases, a Toronto Regional Real Estate Board (TRREB) report released last week hints that tighter market conditions in the GTA will soon push selling prices higher. 

"We have seen a gradual improvement in market conditions over the past quarter. More buyers have adjusted to the higher interest rate environment," said TRREB President Jennifer Pearce.

"At the same time, homeowners may be anticipating an improvement in market conditions in the spring, which helps explain the marked increase in new listings so far this year." 

According to the report, the MLS Home Price Index composite benchmark was up 0.3 per cent year-over-year, with the average selling price increasing by 1.3 per cent to $1,121,615. 

"Price growth is expected to accelerate during the spring and even more so in the second half of the year, as sales growth catches up with listings growth and sellers' market conditions start to emerge in many neighbourhoods," said TRREB Chief Market Analyst Jason Mercer.