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<\/p>\nA home in a prestigious Toronto neighbourhood just sold at a loss of over $1 million.<\/p>\n
It\u2019s a tough market for sellers in the Greater Toronto Area \u2014 many have been forced to take a hit.<\/p>\n
A 7,000-square-foot luxury home in Toronto\u2019s Forest Hill neighbourhood, at 11 Ormsby Cres., is the latest example.<\/p>\n
The owner has been trying to sell this six-bedroom, six-bathroom house for several months.<\/p>\n
During peak high prices in February 2022, the property sold for $8,500,000, according to online real estate data.<\/p>\n
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 \u2014 this time to $8,498,000.<\/p>\n
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It finally sold for $7,450,000 this month, a $1,050,000 loss.<\/p>\n
\u201cEven Toronto\u2019s wealthiest neighbourhoods are feeling the pain,\u201d real estate commentator ShaziGoalie said on X. \u201cOne of Toronto\u2019s most prestigious addresses. Estate-sized property, luxury finishes, ravine setting and access to some of the city\u2019s 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.\u201d<\/p>\n
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.<\/p>\n
\u201c\u2026this cinematic outdoor oasis has been featured in film and enjoyed by high-profile celebrities,\u201d the listing from Re\/Max Realtron Barry Cohen Homes Inc. said.<\/p>\n
This property is just one example of huge losses sustained in the last year or more.<\/p>\n
A Brampton home that sold for more than $1.8 million just four years ago, traded hands at a nearly $820,000 loss<\/a> this month. A home in Mississauga sold for a $1.1 million loss<\/a>. An Oakville home sold for a $518,888 loss<\/a> in October.<\/p>\n 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<\/a> in the fourth quarter of 2026, compared to the same quarter last year.<\/p>\n \ud83d\udea8 $1.05 MILLION LOSS IN TORONTO\u2019S PRESTIGIOUS FOREST HILL!<\/p>\n Even Toronto\u2019s wealthiest neighbourhoods are feeling the pain.<\/p>\n February 2022: Sold for $8,500,000 $1,050,000 WIPED OUT.<\/p>\n One of Toronto\u2019s most prestigious addresses. Estate-sized property, luxury finishes, ravine setting and access to some of the city\u2019s most sought-after schools.<\/p>\n Back in 2022, it sold in just ONE DAY.<\/p>\n Fast forward to 2026. Multiple failed listings, with the asking price dropping from $9.9M before finally selling for $7.45M.<\/p>\n When even Forest Hill\u2019s luxury homes are taking million-dollar hits, you know this housing correction is reaching deep into Toronto\u2019s most exclusive neighbourhoods.<\/p>\n Prestige didn\u2019t protect the price.<\/p>\n \u2014 Shazi (@ShaziGoalie) October 26, 2026<\/a><\/p>\n Lead photo: Re\/Max Realtron Barry Cohen Homes Inc.<\/p>\n
October 2026: Sold for $7,450,000<\/p>\n