In one of the latest signs that the Toronto real estate market is no longer as frothy as it was earlier in the year, a home at 83 The Bridle Path has dropped its asking price by more than $5 million. Once priced at a lofty $16 million, it can now be had for a mere 10.8.

The home, described by the Toronto Star as one of the most technologically sophisticated residences in Canada sits on two acres, includes more amenities than most modern health clubs, and stunning contemporary design courtesy of TAS DesignBuild.

Check out the photos on Flickr posted by Prestige Living.

The dramatic change in the housing market - finally validated by stats released on Tuesday - means we're now in a much more balanced market than the bidding war driven sellers market of the last few years.

I've personally watched a ton of recent listings in once hot neighbourhoods like Leslieville and Beaconsfield Village just sit on the market and receive no bids; only to be later reduced or sold for less than the asking price - outcomes almost inconceivable six months ago.

Photo from Prestige Living