Ontario’s housing market has a way of reminding us that no one—neither the family in a 900-square-foot bungalow nor the owner of a 14,000-square-foot estate—is immune to shifting economic weather.

At the upper fringe of the market, past the three- and four-million-dollar mark, most of us assume life unfolds in a different financial atmosphere. The homes are larger, the amenities grander, and the worries—at least from a distance—seem fewer. But the past several years have proven that volatility doesn’t discriminate by postal code.

A recent listing in Toronto’s Bridal Path—an area better known for celebrity residents than financial strain—quietly underscores this point. The property at 45 Park Lane Circle, a 14,200-square-foot residence on more than two acres, is currently available for $22.8 million. The listing is being handled through a lender’s legal remedy used when ownership issues arise, though that’s not the story here. What stands out is the arc of the property itself.

The home has changed hands several times over the past decade:
2013: sold for $4.7M
2019: sold for $10.375M
2022: sold for $13M
2024: extensively renovated
2024–25: listed between $25M and $29M
2025: now available at $22.8M

This is not a price bracket where distress sales are common. High-net-worth owners typically have more cushions—more time, more financing options, and more flexibility. Yet even here, in one of the most expensive neighbourhoods in North America, the turbulence of recent years has left its mark.

At the other end of the spectrum, a two-storey home in Courtice, listed at $1.199 million, tells a more familiar story. Purchased from the builder in 2011 for $360,000 and resold in 2020 for $830,000, it has been repeatedly listed since:
2023 at $998,000
2024 at $1,379,000
Spring and summer 2025 at $1.3M
Now again at $1.2M

Here the pressures are easier to map. A buyer purchasing in 2020 with a typical 20 percent down payment would have carried a mortgage of about $665,000. At the low rates of that era—around 1.5 percent—monthly payments hovered near $3,200. Fast-forward to renewal in 2024 and those payments could jump above $5,000. For many households, that’s the difference between stability and strain.

Comparing these two homes—one in Courtice, one in the Bridal Path—reveals a rare moment of alignment: both ends of the market are feeling the ground move. The reasons differ, but the effect is the same. Market conditions are challenging regardless of your square footage or your net worth.

For homeowners struggling with rising payments, the most important step is to talk to your lender early. Banks and mortgage companies have a range of tools to help borrowers navigate temporary financial pressure, and they’d much rather support a solution than take back a property.

Lindsay Smith is a broker with Keller Williams Energy and has been involved in real estate for 39 years.
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