Toronto home drops price by $1 million after 10 failed attempts to sell

The Toronto real estate market had a rough year last year with generally weak sales, houses sitting on the market for way longer than expected, and even houses selling below asking or sometimes at staggering losses. 

And while the schadenfreude for Toronto homeowners going through it is delicious to many, there are some cases where it's actually just kinda sad. 

Take 22 Shannon St., a beautifully renovated five-bedroom, five-bathroom home right in the heart of Trinity Bellwoods. 

The dining room. 

Just a few years ago, this impeccably designed house with the trendy white oak herringbone floors and soaring 10-foot ceilings would have been snapped up in under a week and likely for more than asking. 

The main floor is open concept. 

But now, it's been re-listed a whopping 10 times. 

The living room with a cozy fireplace. 

In April 2023, the home was first listed for $5,125,000. But after a month on the market, they dropped the price to $4,685,000, and then it sat for 122 days with no bites.

One of the bedrooms with built-in closets. 

It then proceeded to be listed again and again... and again. 

The primary bathroom. 

Now, 22 Shannon St. is listed for $3,995,000, a $1.13 million price drop. 

A home office. 

And that kind of price cut is undoubtedly eating into any kind of return on investment the owners were expecting. 

The powder room. 

They purchased the house in 2020 for $1.9 million and, in the year since, did an extensive renovation, creating a home that looks like something straight off a Pinterest board.

A view of the main floor. 

We don't know exactly how much was spent on the luxury renovations of this home, but we can imagine it wasn't cheap.  

The marble island in the kitchen. 

For example, the custom imported Italian kitchen features a Calcatta Vecchio marble island. 

The primary bedroom has its own balcony. 

The primary bedroom has custom wood panelling, and heated floors in the primary bathroom. 

The basement family room. 

There are custom mirrors and built-ins galore. 

Integrated appliances and plenty of storage in the kitchen. 

Not to mention, there are all-new noise-cancellation windows, a new HVAC system with three independent zones, a Sonos sound system that has been wired throughout the entire house, and there are heated floors in the basement. 

The family room walks-out to the backyard. 

There are probably even more upgrades that weren't mentioned in the listing. 

The backyard. 

The owners also redid the backyard and seem to have added in a garage. 

A wet bar area in the basement. 

But there's some solace in knowing that they aren't the only ones on the street that might not get their money out. 

A bedroom. 

Just last year, 61 Shannon St. took a massive loss when it was sold for only $2.8 million after it was initially listed for $5,398,880 in January 2023.

An aerial shot of the primary bedroom balcony. 

It's not just Shannon St., though; the entire Trinity Bellwoods neighbourhood seems to be on the decline, as house prices dropped 40 percent from 2023 to 2024. 

The back patio. 

But maybe realtors' predictions of a better 2025 will mean 22 Shannon St.'s unlucky streak might be over.