The eight Toronto courses "can't" move - they have all had their taxed deferred to preserve them as green space.
The members would make nothing from a sale now.
Yes they are subject to payment of deferred taxes if they moved but that may not be an insurmountable obstacle.
Most of these clubs have land that is in floodplains that is not developable for homes. That land could be sold to the city as parkland (or used as a nine hole course) which could partially, or wholly, offset the deferred property taxes.
In addition at some golf clubs the city has very large liabilities related to their negligence regarding water runoff over the years. Scarboro Golf & Country Club sued the City of Scarborough in 1988 due to damage caused by Highland Creek as over the last 76 years the city increased the flow in the creek which now frequently overflows and causes damage to the golf course. This has become a major precedent case in riparian rights and went to the Supreme Court of Canada. The club won the lawsuit and the city is liable to pay for repairs caused by flooding of Highland Creek in perpetuity. What is the Net Present Value of these repairs from now to infinity? Certainly several million. There may be similar issues at the other clubs in the city as most of them are also located in creek/river valleys.