With so many house selling way over asking in Toronto these days, the tendency is to declare the expression meaningless. The value of a home, so the argument goes, is better judged by what nearby properties have sold for.

That's mostly sound reasoning, but once in a while we get a bit of inside baseball from realtors about Toronto home sales, and this sheds some more insight on the wild prices that are being fetched of late.

This elegant and well equipped home at 375 Glencairn Avenue, for instance, just sold for $1,165,000 over asking after being on the market for seven days. During that period realtor André Kutyan of Harvey Kalles tells us that 165 people came through the home.

Of the army of potential buyers who toured the property, nine made offers, which drove the price way up from its listing at $3,595,000. Worthy of note is that the listing price mostly reflects the sale prices of other nearby homes sold over the last 30 days.

The sample size might be too small for this to prove a trustworthy metric (only five other homes sold within 1,500 metres during this period), but one thing's for sure: there was a ton of interest in this property.

The Essentials

• Address: 375 Glencairn Ave.
• Type: Detached house
• Bedrooms: 4 + 1
• Bathrooms: 7
• Lot size: 50 x 219.66 feet
• Realtor: André Kutyan
• Hit the market at: $3,595,000
• Time on market: 7 days
• Sold for: $4,760,000

Why it sold for what it did

This house has a lot going for it. It's been recently renovated, the enormous basement features a wine cellar, games room, mini movie theatre, and sauna, multiple bedrooms feature en suite washrooms, and the finishes around the house are top of the line.

Was it worth it?

There are plenty of very nice homes in Lytton Park, but this one stands out when compared to recent listings. That alone was likely enough to start the bidding war that drove the price up into the ultra luxury range.