What determines whether a specific Mayfair house lands under that number is condition and lot size more than the neighbourhood name. A well-maintained home on a standard lot competes very differently than one needing major work, even on the same block.
With supply at 1.63 months, a buyer has real choices right now rather than facing the multiple-offer pressure that pushes prices past a budget, which works in favour of a buyer targeting a specific number.
The fastest way to know what is actually available in that range is to see current comparable sales, not a general estimate. Get your hand-reviewed valuation from Joel Dyck.