If you don't obsessively pay attention to what's happening to Toronto's real estate market can you even call yourself a Torontonian? 

But for the uninitiated, the real estate market is undergoing some major changes. Not only is the housing supply at a critical state but housing prices are falling rapidly.  

In the GTA as a whole, prices have fallen 11 per cent since February – a trend that 46 Teddington Park Avenue has been part of. 

The living room and foyer. 

Back in September 2021, this five bedroom, nine bathroom luxury home was listed for $15,880,000.

The open concept kitchen and family room. 

It sat on the market for a year, slowly dropping its price from almost $16 million to $14,980,000. 

A bedroom that's currently functioning as a TV room. 

And then in Sepetember 2022 it was relisted for just $12,995,000. 

A home office with a fireplace. 

Not that nearly $13 million is a steal for a house, but that's almost a $3 million price-drop in one year.

The living room with hardwood floors and a fireplace. 

You could buy another entire house and then some for that discount. 

The primary bedroom features a five-piece ensuite and a walk-out to a sun deck. 

And this home is still likely to go for well below listing price. 

A bedroom. 

HouseSigma, a website that runs on artificial intelligence technology and estimates home values, puts this home at $11,870,931. 

The primary ensuite. 

But with that in mind, who ever buys this house definitely won't have to deal with FOOP (fear of overpaying).

The wine cellar. 

This home is, as the listing says, "perfection."

The formal dining room. 

It was designed by Lorne Rose, built by Silverado and the interiors were done by Carey Mudford.

The kitchen and breakfast dining area overlooking the backyard. 

The interior is elegant and timeless with bright, open and airy spaces. There's a clear attention to detail in the craftsmanship. 

The family room also has a walk-out to the backyard. 

The home also includes $1 million of custom furniture and decor, according to the listing.

The rec room in the basement. 

That brings the whole idea of move-in ready to another level. 

The gym. 

And as aesthetically pleasing as the home is, the luxury amenities the home has are beyond spectacular. 

The sauna. 

For example, 46 Teddington Park Avenue has its own wellness centre.

The salt therapy room. 

It includes in-ceiling air circulation fans featuring Hepa & Activated carbon air filters, as well as a dual sauna with infrared and Finnish options, both hot and cold plunge pools and a salt therapy massage room. 

The home theatre. 

There's also a 14-seat home theatre, perfect for movie marathons and Raptors games, a wine cellar, pet spa, gym, walk-in fridge and more. 

The backyard with a water feature. 

As realtor Penny Brown and Nigel Denham point out, this home offers "unmatched luxury and scale at this price point, plus the furnishings as a bonus." 

The back patio. 

In other words, it doesn't get better than this.