A home in a prestigious Toronto neighbourhood just sold at a loss of over $1 million.
It’s a tough market for sellers in the Greater Toronto Area — many have been forced to take a hit.
A 7,000-square-foot luxury home in Toronto’s Forest Hill neighbourhood, at 11 Ormsby Cres., is the latest example.
The owner has been trying to sell this six-bedroom, six-bathroom house for several months.
During peak high prices in February 2022, the property sold for $8,500,000, according to online real estate data.
The home was listed in April this year for $9,900,000. The price dropped to $9,395,000 in June, and then it dropped again to $8,998,000. In August, the price went down again — this time to $8,498,000.
It finally sold for $7,450,000 this month, a $1,050,000 loss.
“Even Toronto’s wealthiest neighbourhoods are feeling the pain,” real estate commentator ShaziGoalie said on X. “One of Toronto’s most prestigious addresses. Estate-sized property, luxury finishes, ravine setting and access to some of the city’s most sought-after schools. Back in 2022, it sold in just ONE DAY. Fast forward to 2026. Multiple failed listings, with the asking price dropping from $9.9M before finally selling for $7.45M.”
The home boasts a luxurious outdoor space including a rear patio that extends out to over 100 feet, English gardens, waterfalls, a saltwater pool, a hot tub and a full-scale sports court.
“…this cinematic outdoor oasis has been featured in film and enjoyed by high-profile celebrities,” the listing from Re/Max Realtron Barry Cohen Homes Inc. said.
This property is just one example of huge losses sustained in the last year or more.
A Brampton home that sold for more than $1.8 million just four years ago, traded hands at a nearly $820,000 loss this month. A home in Mississauga sold for a $1.1 million loss. An Oakville home sold for a $518,888 loss in October.
The real estate market shows no signs of changing this year. A recent report from Royal LePage predicts home prices in the GTA will decrease two per cent in the fourth quarter of 2026, compared to the same quarter last year.
🚨 $1.05 MILLION LOSS IN TORONTO’S PRESTIGIOUS FOREST HILL!
Even Toronto’s wealthiest neighbourhoods are feeling the pain.
February 2022: Sold for $8,500,000
October 2026: Sold for $7,450,000
$1,050,000 WIPED OUT.
One of Toronto’s most prestigious addresses. Estate-sized property, luxury finishes, ravine setting and access to some of the city’s most sought-after schools.
Back in 2022, it sold in just ONE DAY.
Fast forward to 2026. Multiple failed listings, with the asking price dropping from $9.9M before finally selling for $7.45M.
When even Forest Hill’s luxury homes are taking million-dollar hits, you know this housing correction is reaching deep into Toronto’s most exclusive neighbourhoods.
Prestige didn’t protect the price.
— Shazi (@ShaziGoalie) October 26, 2026
Lead photo: Re/Max Realtron Barry Cohen Homes Inc.
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