This time capsule of a Toronto house sold for almost $1 million below asking

Toronto's real estate market has changed a lot over the last 50 years.

For starters, back in 1974, the average price of a house in Toronto was approximately $53,000.

Today, that amount wouldn't even cover the land transfer taxes on some of the city's more expensive properties.

The foyer. 

And few homes illustrate just how dramatically Toronto real estate has changed quite like 11 Pine Hill Rd. in Rosedale.

One of the bedrooms. 

The sprawling five-bedroom mansion was purchased by its longtime owners in 1974, back when Toronto real estate prices were a fraction of what they are today.

The front hall. 

While it's unclear exactly how much they paid for the property at the time, it's safe to say it was considerably less than their recent asking price of $7,499,000.

A home office. 

But despite its location in one of Toronto's wealthiest neighbourhoods, the home didn't quite fetch that multimillion-dollar price tag.

The music room. 

Instead, 11 Pine Hill Rd. sold for $6,500,000, a whopping $999,000, or 13.3 per cent, below asking.

The primary bedroom. 

That might sound like a significant discount, but consider this: the sale price is still more than 122 times what Toronto's average home price was when the owners bought it, at least before inflation.

The family room. 

Of course, that doesn't mean the property itself increased in value by that much, since we don't know what they originally paid.

The servery. 

Still, it's a pretty staggering number.

A second home office. 

And here's the surprising part: the house only spent three days on the market.

The fireplace in the music room. 

So while the nearly $1-million discount might sound like a sign of a struggling luxury market, the quick sale suggests buyers weren't exactly ignoring this Rosedale property.

The vanity room. 

Of course, when you're talking about a house worth $6.5 million, a million-dollar price difference is practically its own Toronto home.

The living room. 

And this particular property has plenty going for it.

The backyard. 

Located on one of South Rosedale's quiet, tree-lined streets, the red-brick home sits on an enormous 16,170-square-foot ravine lot. That's a pretty remarkable amount of private outdoor space for a house located just minutes from Yorkville, Summerhill and downtown Toronto.

The dining room. 

The south-facing property is surrounded by mature trees and greenery, giving it the kind of privacy that's increasingly difficult to find in the city.

The living room and music room. 

And the house itself is no small affair.

The basement. 

It boasts more than 4,600 square feet of above-ground living space, plus another 1,700 square feet on the lower level.

The primary ensuite. 

Inside, there are five bedrooms and a whopping 10 bathrooms, although five of those are powder rooms.

Another ensuite off another bedroom. 

Still, that's a lot of bathrooms.

The breakfast nook. 

But perhaps the most interesting thing about 11 Pine Hill Rd. isn't its size or even its multimillion-dollar sale price.

A bedroom. 

It's the fact that, unlike many Toronto homes that haven't changed hands in decades, this one doesn't look like a complete time warp.

The breakfast nook looking towards the kitchen. 

According to the listing, after purchasing the property in 1974, the owners undertook extensive architectural, mechanical and decorative renovations before moving into the home in April 1975.

The upstairs landing. 

And they didn't stop there.

The pool and backyard. 

In 1979, they completely transformed the rear garden, installing stone decking and what the listing claims may have been Toronto's first black-bottom swimming pool.

The backyard and porch. 

Unlike traditional swimming pools with bright blue interiors, black-bottom pools have a darker, more reflective appearance that can make them resemble natural ponds.

The 1980's custom kitchen. 

Then, in 1983, the owners embarked on another round of renovations, adding a bedroom above the den, installing a custom kitchen and refreshing the home's interiors.

A lofted bedroom. 

The result is a house that reflects decades of changes, renovations and personal touches rather than one of the cookie-cutter luxury rebuilds that have become increasingly common in Toronto's wealthiest neighbourhoods.

The stairs. 

And while some buyers might see an older home as an opportunity for a major renovation, there's something pretty special about a property that has been so carefully maintained and adapted by the same owners for more than 50 years.

The kitchen. 

It's also a reminder of just how much wealth Toronto homeowners who bought decades ago have potentially accumulated, particularly in prestigious neighbourhoods like Rosedale.

The retro appliances from the 80s. 

For the new owners, meanwhile, $6.5 million buys an exceptionally private ravine property in one of Toronto's most exclusive neighbourhoods.

The front entrance. 

And while that might be an unimaginable amount of money for most Torontonians, it's still nearly $1 million less than the sellers were originally hoping to get.

The back of the house. 

Not a bad discount, assuming you have a spare $6.5 million kicking around.