Ontario home sold at $1.2 million loss compared to 2019 price

Ontario's housing market has changed considerably in recent years, and some homeowners are now left with no choice but to sell their properties for far less than they paid at the height of the market just a few years earlier. 

This reality is particularly stark in luxury real estate, where multimillion-dollar homes now often sell for hundreds of thousands — or in this case, more than $1 million — less than their previous sale prices. 

One recent example is this four-bedroom, five-bathroom North York home, which originally sold for $6.55 million back in August 2019. 

According to its listing, the lavish home boasts nearly 9,000 square feet of living space, a heated three-car garage, a private elevator, a swimming pool, a hot tub, a white oak library, and a gourmet kitchen with premium appliances. 

Upstairs, the private suite includes its own balcony, a wet bar, and a spa-inspired marble seven-piece ensuite. 

Just a few years after it sold, the home came back on the market in October 2024 for $7 million. Ultimately, that listing expired, and the home was re-listed in April 2025 for $6,588,000. 

The home's sale history.

The home sat on the market until it was re-listed last August for $6.5 million, although that listing was also terminated later. The following month, the home was listed for the same price and once again failed to attract any buyers. 

The property's price dropped significantly in October 2025, when it was re-listed for $6.18 million. Another price drop came this past January, when the home was listed for $5,980,000, though that listing ultimately expired as well. 

After another failed attempt, the home was listed for $5,780,000 this past May and finally sold last month for $5,382,500, representing a loss of $1,167,500 compared to its price seven years ago. 

Declining home prices aren't just isolated to the GTA's luxury housing market — in fact, the Toronto Regional Real Estate Board (TRREB) found in its latest Market Watch report that the average selling price in August dropped below the $1 million mark for the second time this year. 

Inventory levels and home sales were also down considerably compared to the same time last year. Overall, 5,057 home sales were reported last month in the GTA, down 2.1 per cent compared to August 2025. 

"If inventory tightens and home prices begin to rise, some buyers may face a trade-off between waiting for greater economic certainty and purchasing before prices move higher," TRREB President Daniel Steinfeld noted. 

"At the same time, improving market conditions for sellers could bring more listings to market, providing buyers with additional choice." 

TRREB's Chief Information Officer Jason Mercer added that ownership housing in the GTA has remained relatively affordable over the past year. 

"Recent news on the overall economy and job creation has been positive," said Mercer. "The main hold-back for many households has been concerns around trade with the United States and the potential for higher inflation and borrowing costs in the future." 

Multiple other Ontario properties have sold at lower prices this year, including a detached Mississauga home that sold at a $1.1 million loss compared to its 2021 price and a Brampton home that sold for hundreds of thousands of dollars less than its 2022 price.