Toronto mansion selling for $45M currently the most expensive home on the market

This home, located at 24 Park Lane, is currently Toronto's most expensive house on the market at a whopping $45 million. (Realtor.ca)

TORONTO — A Toronto mansion that's still under construction has hit the market for a whopping $45 million, which makes it the currently the most expensive home listed in the city.

The two-storey home, located at 24 Park Lane in Toronto's wealthy Bridle Path neighbourhood, hit the market earlier this week.

Real estate agent Barry Cohen, who is selling the home, told CTV News Toronto on Tuesday the massive home is located on three acres of land that backs onto a ravine.

He said the large property is worth the hefty price tag because of the land value in the pricey neighbourhood, coupled with the fact the home is 26,000 square feet.

"This is a magnificent home," Cohen said. "It has a below-grade 15-car garage and indoor pool."

He said the home also has opposing spiral staircases and has both a main floor and upstairs master bedroom. In total, the home has nearly ten bedrooms and two kitchens.

Cohen said the home is currently in the “pre-drywall phase” so any potential buyer still has time to customize the home to their liking.

"If somebody wanted to customize it now, it would be the best opportunity," he said.

For buyers interested in having their own builder complete the home, the mansion can be purchased as is for $25 million, Cohen said.

The home is also located across the street from Toronto Rapper Drake.

According to the Canadian Real Estate Association (CREA), the average selling price of a home in Canada hit a new record at C$716,828 ($572,821) in March, rising 5.7 per cent from a month earlier.

The largest year-over-year gains continue to be smaller cities and rural parts of Ontario, followed by markets in British Columbia, Quebec and New Brunswick.

Single-family homes remain the biggest gainers, as people continue to seek out more space amid the COVID-19 pandemic and a long-term bet on working from home.