Persistent economic uncertainty has had a cooling effect on Toronto real estate over the last year. This is true among everyday properties, but also within the luxury brackets where even homes priced in the millions — typically catering to a less price-sensitive crowd — saw a notable decrease in activity.
Cutting through the slush, however, is the recent sale of a $22-million home that sold over asking in Forest Hill South last week. Ultimately selling for $23.5 million after garnering three competing offers, it’s the highest-value sale in the neighbourhood’s history, and the most expensive in Toronto in nearly five years.
According to the Greater Toronto Real Estate: 2026 Spotlight on Luxury published by Remax in June, uber-luxurious homes like these have been more insulated from low activity. While sales over $3 million were down almost 17% in the GTA in the first four months of 2026, $7.499-million-plus homes were up 5.4% year over year, and at over $10 million, sales have been on par with 2025.
“Over the summer months housing market conditions have tightened in key neighbourhoods across the GTA. Demand for luxury single-family residences has also been remarkably resilient in the city’s prestigious, family-oriented neighbourhoods, particularly those convenient to exceptional schools and amenities,” says Ken Mazurek, Managing Broker with Sotheby’s International Realty Canada, the brokerage behind the flashy deal. “This sale reflects the confidence that sophisticated buyers have in the long-term value of top-tier Toronto real estate and foreshadows an optimistic fall luxury market ahead.”
Broker and Senior Vice President of Sales at Sotheby’s Toronto, Jane Zhang, is the realtor behind the sale of the over 9,800-square-foot mansion located at 211 Dunvegan Road. In a press release, she shared how the brokerage secured the deal.
“Despite [the home’s] prestigious position, challenging market conditions meant that we needed a strong marketing strategy and ultra-high-net-worth network to reach the right buyers,” says Zhang. Sotheby’s took the listing over from another brokerage and began focusing on digital and social media marketing that targeted both Canadian and international buyers. “These efforts helped attract several qualified buyers and competing bids, which achieved another record-breaking sale above the original asking price,” she says.
For the hefty price tag, the new owners get a four-storey home with six bedrooms and eight bathrooms, alongside a gaggle of fancy fixtures and finishes. The home comes with floor-to-ceiling windows, smart home automations, heated floors, and a “sculptural floating mono-beam staircase,” to name a few. And among the home’s many amenities are a movie theatre, elevator, wine cellar, pool, and jacuzzi.
“Set on a prominent corner lot, with expansive façades, grand proportions and commanding 270-degree views, every element of the property exudes luxury,” says Zhang.
WELCOME TO 211 DUNVEGAN ROAD
LIVING, KITCHEN, DINING
OUTDOOR
