Townhouse purchased for $1.5M sells for huge loss in Greater Toronto Area

A townhouse purchased for over $1.5 million just sold for a huge loss in the Greater Toronto Area.

Average home prices remain well below 2022 peak highs in the GTA.

In its May report, the Toronto Regional Real Estate Board said the average selling price of a GTA home 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.

Homes continue to sell for big price cuts.

A Brampton home sold for a $625,000 loss in June. And a lakefront Oakville home sold for a $1.5 million loss in May.

The latest example is a four-bedroom townhouse at 1338 Restivo Lane in Milton.

The home was purchased for $1,514,000 in February 2022, according to online real estate records.

It was listed for $1,299,900 in 2024 and 2025. This year, the asking price dropped to $1,098,000, and it finally sold this month for $975,000, a $539,000 loss.

“A freehold townhouse bought for $1.514M at the peak just sold for $975K. $539,000 gone,” real estate commentator ShaziGoalie said on X. “Milton always struck me as one of the places where I saw the most Teslas. It makes you wonder how much of that confidence was built on housing wealth that people assumed would never disappear.”

The end-unit townhome has over 2,000 square feet of above-grade space plus a professionally finished basement, according to the listing from Sutton Group Realty Systems Inc.

Features include hardwood flooring on the main level, quartz countertops and a centre island in the kitchen, an upper-level laundry, a large recreation room and full bathroom in the basement.

🚨 I DIDN’T FORGET ABOUT MILTON. I SEE YOU 👀

A freehold townhouse bought for $1.514M at the peak just sold for $975K.

$539,000 gone.

Milton always struck me as one of the places where I saw the most Teslas.

It makes you wonder how much of that confidence was built on housing… pic.twitter.com/x4ZYajuuAp

— Shazi (@ShaziGoalie) June 26, 2026