Home sells for huge loss in trendy Toronto neighbourhood

Another Toronto home has just sold for a huge loss.

The latest real estate numbers show home prices remain lower than last year.

The Toronto Regional Real Estate Board said the average selling price was down 4.6 per cent year-over-year to $1,069,700, and the composite benchmark price, meant to represent the typical home, was down 6.7 per cent.

Homeowners who need to sell now are taking a hit.

In February, a Sherwood Park home sold for a $1,650,000 loss. The Lawrence Park home of George Springer and his wife, Charlise, sold for a loss last month.

The latest example is a home at 63 Pears Ave. W. in Summerhill, across from Ramsden Park.

But unlike previous homes purchased at peak-high 2022 prices, this home was purchased last spring.

The property sold for $7,200,000 in March 2025, according to online real estate records.

It was listed a little over a year later, in May, for $6,995,000. It sold for $6,300,500 last week, a $899,500 loss.

“A year ago, this Annex home sold for $7.2M. Today it sold again for $6.3M,” real estate commentator ShaziGoalie said on X. “People say real estate is a long-term game. But sometimes ‘long term’ lasts barely a year.”

The four-bedroom home is a new build, offering 3,562 square feet of above-grade living space, according to the listing from Re/Max Hallmark Realty Ltd.

Features include a gym beneath the detached garage, an elevator connecting all floors, a rooftop terrace, a floor-to-ceiling windows, a wine display for over 200 bottles and a gas fireplace in the living room.

🚨 $900K EVAPORATED IN ABOUT 15 MONTHS ON A DETACHED HOME IN TORONTO‼️

A year ago this Annex home sold for $7.2M.

Today it sold again for $6.3M.

People say real estate is a long-term game.

But sometimes “long term” lasts barely a year. 📉 pic.twitter.com/cA8zDdYFSN

— Shazi (@ShaziGoalie) June 13, 2026

Lead photo: Re/Max Hallmark Realty Ltd.