After repeated attempts to sell throughout 2023 and 2024, a Toronto home was finally sold at a mind-boggling $1.7 million loss this month. 

The five-bedroom, five-bathroom Etobicoke home was first sold for $6.7 million in February 2021. According to its listing, the luxurious property boasts a gourmet chef's kitchen with professional appliances, a temperature-controlled wine cellar, and a saltwater pool with a waterfall. 

The 6,600-square-foot mega-mansion was listed in November 2023 for $6.99 million, and again in February 2024 for $6.9 million. 

The home was re-listed twice in May 2024 and June 2024 for $6.2 million. Despite being put back on the market for the same price in July, the home finally sold for $5 million — a staggering $1.7 million loss when compared to its price three years earlier. 

🚨 POWER OF SALE UPDATE — $2M LOSS

Finally sold, $1.7M loss on a "Power of Sale."

This is horrific for everyone involved.

I wouldn’t be surprised if even the realtors aren’t getting paid.

“All up, we are probably looking at a $2M loss” https://t.co/acjSKknkRE pic.twitter.com/xmaw7ghMW7

— Shazi (@ShaziGoalie) August 23, 2024

Throughout this summer, multiple other properties in and around the GTA have sold well below their original prices, including an Oakville townhouse that sold at a significant $316,000 loss in July, and a three-bedroom home in Toronto's Silverthorn neighbourhood that sold at a loss of $207,500 in June. 

According to a Toronto Regional Real Estate Board (TRREB) report earlier this month, GTA home sales were up in July 2024 when compared to the same time last year. 

Despite this, buyers continued to benefit from more choice in the GTA marketplace, meaning that they also got to take advantage of a slight relief in selling prices on average. 

"It was encouraging to see an uptick in July sales relative to last year. We may be starting to see a positive impact from the two Bank of Canada rate cuts announced in June and July," said TRREB President Jennifer Pearce.

"Additionally, the cost of borrowing is anticipated to decline further in the coming months. Expect sales to accelerate as buyers benefit from lower monthly mortgage payments." 

According to the report, the average selling price of $1,106,617 was down by 0.9 per cent over the July 2023 result of $1,116,950.

"As more buyers take advantage of more affordable mortgage payments in the months ahead, they will benefit from the substantial build-up in inventory. This will initially keep home prices relatively flat," added TRREB Chief Market Analyst Jason Mercer.

"However, as inventory is absorbed, market conditions will tighten in the absence of a large-scale increase in home completions, ultimately leading to a resumption of price growth."