Although home prices in Toronto have been steadily declining for months, bidding wars are not yet a thing of the past.

Just last week, a sprawling mansion in the city's prestigious St.Andrew-Windfields neighbourhood sold for a shocking $470,000 over the asking price.

Located at 100 Gordon Road, the home hit the market on October 1 for $3,990,000.

It was on the market for nearly a month, but finally sold on October 30 - for $4,460,000.

Situated on a corner lot, the mansion offers approximately 4,750 square feet of living space, plus an additional 2,000-square-foot finished basement.

A stately stone pathway stretches across the front lawn and wraps around the house.

Just beyond the marble front hall lies the bright living room. The space features a gas fireplace with an ornate mantlepiece, and flows seamlessly into the formal dining room.

Hardwood floors, crown mouldings, and massive windows abound throughout the main floor.

The gourmet kitchen has stone countertops, stainless steel appliances, and antique cabinets. The cream-coloured storage features are in perfect contrast to the dark wood of the centre island.

The kitchen offers a separate breakfast area, and is combined with the family room with a second gas fireplace and views of the spacious backyard.

The main floor also features a home office with built-in bookshelves.

The home has five bedrooms and seven bathrooms.

The primary suite has a walk-in, six-piece ensuite, and walks out to a private balcony.

The finished basement has space for an additional two bedrooms.

There's also a home theatre, rec room, games room, and ample storage.

Roughly $500,000 has been spent on professional landscaping, including garden lighting, in the backyard.

The serene space also features a large newly-finished deck, sprawling stone patio, and pool.

Check out more photos of the home here.