Toronto estate sells for a $15.78 million

This Forest Hill home with two wine cellars may be the most expensive home in Toronto

In what is believed to be a record selling price for a residential property in Toronto, an opulent Forest Hill mansion has just been purchased for $15.78 million. The 16,000 square foot Dunvegan Road home has eight bedrooms, 13 washrooms and an indoor six-car garage. The sale of the home in one of the city’s toniest neighbourhoods demonstrates the strength of the luxury home market in Toronto.

The sale of the property this week comes on the heels of yesterday’s Toronto Real Estate Board report that recorded 10,451 sales in June ““ the best such month ever, and up 20 per cent over June of 2006.

“It has been a good year,” said Ilenna Tai, the listing agent who now holds the distinction of selling the most expensive home in Toronto. Tai says the sale is a city record according to Multiple Listing Service records. The listing service, however, does not include private sales, which are not on the public record. Without irony, the agent calls the home a “great bargain” at the price, since a 2004 appraisal came up with a home replacement value of $14 million ““ without the land.

See details of the property and sale »