Home sells for a massive $1.35M loss in Toronto

As prices drop, many homeowners have taken losses on property sales.

The most recent example is a luxury home that just sold for a $1.35 million loss in Toronto.

Home prices, while still high, have declined since hitting record-high prices in the first half of 2022.

The most recent report from the Toronto Regional Real Estate Board found found the average selling price, at $1,107,463 in the GTA, was down by 4.1 per cent compared to April 2024.

There have been many examples of homeowners who have sold for big losses in the last year. These homes were purchased at peak high prices in early 2022.

But this latest example, a home at 227 Strathallan Wood, near Lawrence Avenue and Bathurst Street in Toronto, was purchased in 2023.

The four-bedroom, seven-bathroom home sold for $8,350,000 in June 2023, according to online real estate records. The home was listed for $7,549,000 in March and just sold for $7 million this week.

“Bought for an eye-watering $8.35M in 2023, a full year after the market was already on a downward spiral,” real estate watcher ShaziGoalie said on X. “This is wild. We are now seeing massive losses from those who bought in 2023.”

📢 T-Dot Blowout

📍Toronto, ON 🇨🇦

Bought for an eye-watering $8.35M in 2023, a full year after the market was already on a downward spiral. 😳

The lender just took over and sold it for a massive $1.35M loss yesterday; if you factor in carrying costs, taxes and fees, this loss… pic.twitter.com/2b3oCenRkM

— Shazi (@ShaziGoalie) May 6, 2025

The Lytton Park home is fairly new, completed in 2022, according to the listing.

Features include a natural limestone facade, a heated driveway and a full two-car garage.

Interiors by Halina Catherine Design include recessed lighting, four gas fireplaces, a kitchen that opens to the family room with a walk-out to an outdoor patio, outdoor kitchen and yard.

All bedrooms have ensuite bathrooms.

The basement features include a recreation room, a wet bar, a home theatre, a glass-enclosed gym, a salon or massage room, a wine cellar and a nanny suite.

Photos: Forest Hill Real Estate Inc.