Home purchased for $3M sells for a huge loss in southern Ontario

Another home has just sold for a huge loss in southern Ontario.

The latest real estate report shows prices are down in the Greater Toronto Area.

The Toronto Regional Real Estate Board said the average selling price decreased 3.9 per cent year-over-year to $1,058,658, and the composite benchmark price, meant to represent the typical home, was down 5.4 per cent.

However, the board believes home prices will increase by the end of the year.

In the meantime, homes continue to sell at huge losses.

A Brampton home sold at a $500,000 loss recently. A Toronto home in a trendy neighbourhood sold for nearly a $900,000 loss in June.

The latest example is a home at 16 Shoreline Cres. in Grimsby.

This three-bedroom, custom-built home was purchased for $3,000,000 in July 2021, according to online real estate records.

It just sold last week for $2,200,000, an $800,000 loss.

“Even buying before the 2022 peak wasn’t enough to avoid a massive loss,” real estate commentator ShaziGoalie said on X.

The home has lake views and features a full custom renovation (2022–2023). Outside, there is a freestanding outdoor kitchen, a covered sitting area with gas fireplace, an in-ground pool and a hot tub, a Napoleon barbecue, a smoker and a pizza oven.

Inside, features include an elevator, a family room fireplace, a butler’s pantry plus an additional pantry, and an office with custom floor-to-ceiling glass doors overlooking the backyard .

The fully finished basement has a full kitchen, a gym and a sauna.

🚨 AN $800K LOSS IN GRIMSBY.

Bought for $3M in 2021.

Sold for $2.2M.

Even buying before the 2022 peak wasn’t enough to avoid a massive loss. pic.twitter.com/tJSzMgHFbe

— Shazi (@ShaziGoalie) June 29, 2026

Lead photo: Re/Max Realty Specialists Inc. Millcreek Drive