Despite a short-lived pick-up in Toronto's real estate market activity last spring, buyers throughout the city continue to benefit from increased choice, which has helped with negotiating lower sales and ultimately forced some owners to slash up to six figures off their property's selling price. 

This opulent Toronto home, located in a prestigious area in Etobicoke, is no exception, and was re-listed this month at a significant discount after multiple failed attempts to sell. 

According to its listing, the 6,600-square-foot mega-mansion boasts floor-to-ceiling windows, a temperature-controlled wine cellar, an in-ground pool and spa with a waterfall and cabanas, a theatre room, and views of the neighbouring ravine. 

The five-bedroom, five-bathroom home was originally sold for a staggering $6.7 million in February. Just over two years later, it was relisted for sale for $6.99 million, although it failed to attract any buyers. 

A few months later, the property was put up for sale again at $6.9 million, but the listing was terminated a short while later. In May 2024, the home slashed a few hundred thousand dollars off its price tag and was re-listed for $6.5 million. 

"Mega Mansion Mayhem"

📍Etobicoke, ON 🇨🇦

Owners deny signing mortgage documents and receiving loans after hit with 'Power of Sale' claim 🚫📝💰

The lender alleges that the owner of this Toronto mansion took out a ~$500k mortgage at a whopping 17% in 2022 and is now in… pic.twitter.com/3gG7pkalLE

— Shazi (@ShaziGoalie) June 12, 2024

On Monday, the home was re-listed for $6.2 million — exactly $500,000 less than it was originally sold for back in 2021. 

Throughout 2024, there have already been several similar cases of properties selling or being listed at potentially significant losses. Earlier this year, a home in Burlington's LaSalle neighbourhood was sold for $700,000 less than it was purchased for just two years earlier. 

In another case, a 9,400-square-foot home in North York's St. Andrew-Windfields neighbourhood slashed $2.5 million off its price tag after two failed attempts to sell.

Ontario home sold at massive loss after 6 failed attempts to sell https://t.co/H4hsVPFFko

— theGentries (@theGentries) April 30, 2024

According to the Toronto Regional Real Estate Board's (TRREB) latest report, home sales through the region in May continued at low levels, with the market swinging in favour of prospective buyers, however, all that might change very soon. 

"As demand picks up, we will likely see renewed upward pressure on home prices as competition between buyers increases," said TRREB Chief Market Analyst Jason Mercer.

GTA realtors reported 7,013 home sales through TRREB's MLS System in May 2024 – a 21.7 per cent decline compared to 8,960 sales reported in May 2023. On the other hand, new listings entered into the system amounted to 18,612 — up by 21.1 per cent year-over-year.

"As borrowing costs decrease over the next 18 months, more buyers are expected to enter the market, including many first-time buyers," said TRREB President Jennifer Pearce.

"This will open up much-needed space in a relatively tight rental market."