An overnight fire that broke out around 11 p.m. ET Monday at the Classy Lanes multimillion-dollar stable and training facility in Puslinch, Ontario, killed more than 40 racehorses, according to CBC News.

Local fire chief Steven Goode told CBC News it "is the highest loss that our community has faced by far. It is a great loss. Unfortunately, none of the horses could be saved."

After the blaze broke out, about 50 firefighters from five departments convened at the scene. Water lines kept freezing and, with no nearby hydrants, the water being trucked to the site wasn't enough to save any of the horses stabled in barn No. 1.

Ben Wallce, an owner and trainer who lost 17 horses in the fire, told CTV Toronto that among the horses perished in the fire was his racing sensation Apprentice Hanover, who is worth more than $1 million.

"These horses are part of your life, rather than just a commodity that you go and work with every day. They're more than that," said Wallace. "So you go and identify 44 family members. Can you imagine?"

Classy Lanes facility owners Barb and Jamie Miller were on vacation at the time of the fire, according to CTV News.

Jamie told reporters, as he returned to the facility, that the fire will have a huge impact on the racing industry. "There are five companies that are out of business right now because they've got no horses," he said.

Although constructed of steel, the building had no sprinkler system, which by law it wasn't required to. According to the Millers, all the stables were up to code and, last August, passed an insurance inspection, according to the Star.

The cause of the fire is still under investigation by the Ontario Fire Marshal's office and the precise financial impact is still being evaluated.

In a statement, Woodbine Entertainment Group said the employees' "deepest sympathies" are with those affected by the fire. "The horses lost were members of our family and their passing is emotional and heartbreaking for everyone at Woodbine Entertainment Group," according to CTV News.