A luxurious Toronto home was sold at a staggering $1.35 million loss late last year after eight failed attempts to sell, demonstrating just how much buyers have been able to negotiate lower prices in today's market. According to public MLS data, the four-bedroom, seven-bathroom home in Toronto's Casa Loma neighbourhood was first sold in June 2022 for $8.5 million. The custom-built home spans over 7,000 square feet and boasts a long list of luxury amenities, including a seven-piece spa-like bathroom, temperature-controlled wine displays, a private terrace, and multiple gas fireplaces. The property was put back on the market in 2023 for just shy of $12 million, but that listing was terminated after a month. The home was re-listed again in July 2023, June 2024, July 2024, December 2024, January 2025, March 202, and June 2025 at varying price points between $8.79 million and $12.8 million. The home's sale history. After eight attempts, and despite being listed for $11.28 million, the home finally sold for $7.15 million in November, representing a loss of $1.35 million when compared to its selling price just three years earlier. According to the Canadian Real Estate Association's (CREA) last report , national home sales declined 0.6 per cent month-over-month in November. The number of newly listed properties also declined 1.6 per cent on a month-over-month basis, and the MLS Home Price Index (HPI) was down 3.7 per cent on a year-over-year basis. Valérie Paquin, CREA Chair, says that "2025 was initially expected to be the year that housing markets came out of their interest rate-induced hibernation, but as we all know, the rug was pulled out from under that recovery by the economic shock of U.S. tariffs." "With interest rates now even lower as a result of a softer economy, the focus shifts to the spring of 2026, and whether we'll finally see the return of more normal levels of housing activity." The National Composite MLS Home Price Index (HPI) also fell by 0.4 per cent between October and November 2025, which, according to the report, suggests that "some sellers are making price concessions to get properties sold." In Toronto specifically, the Toronto Regional Real Estate Board (TRREB) notes that home sales declined in 2025 compared to 2024, while listing inventory remained elevated during the same period. This allowed "for selling prices to be negotiated downward, helping improve affordability." The average selling price of $1,006,735 last month was down by 5.1 per cent compared to December 2024.