The effects of Toronto's cooling housing market are having a marked effect on luxury real estate in the city, with properties now regularly changing hands for far less than the listed price.

The latest example is 149 Lytton Boulevard.

The home was originally listed for $7,395,000 in June, but the price was dropped to $6,795,000 in September and $6,499,000 in October after no buyer materialized.

The home finally sold on November 20 for $5,900,000, or $1,495,000 under the initial asking price.

The exquisite home was custom designed for the current owner by Toronto-based architectural firm Lorne Rose. It offers functional design and premium finishes within a rare, ravine-like setting.

Situated off a grand central hallway, stately principal rooms offer 10-foot ceilings, crown mouldings, and hardwood floors.

Intricate doorways lead into the living room, which has leaded windows and a fireplace with a marble mantelpiece. 

The chef's kitchen has stainless steel and overlay, a large centre island, and a butler's pantry.

There's a breakfast area as well as a formal dining room.

The family room features built-in shelves and a fireplace, and walks out to the terrace.

There's a home office on the main floor as well, with a stunning custom built-in desk and shelving.

There are four-plus-two bedrooms and five bathrooms throughout the home.

The primary retreat offers a six-piece spa-like ensuite, walk-in closet, and a fireplace.

The lower level offers a second kitchen and an at-grade rec room that walks out to the backyard.

The space is beautifully landscaped and offers two large terraces from which to enjoy the stunning levels of greenery that cascade below.

The home also features an elevator and a two-car garage with a mudroom and a heated driveway.

The last time 149 Lytton Boulevard changed hands was in 2003, for just $1,099,000. The rebuilt abode is a"truly exceptional respite in the heart of the city."

Check out the full listing here.