Overpricing Is a Costly Game
You list high “just to see what happens.”
What happens is… nothing.
In today’s Toronto real estate market, overpricing is the fastest path to a stale listing, fewer showings, and lower offers. In fact, a completed a study of 60 luxury listings in CO9 – the results are clear: price right or pay the price.
The CO9 Pricing Study: What the Data Tells Us
After analyzing 60 detached listings in Toronto’s CO9 district. Here’s what we found:
| Strategy | Days On Market | Price Reductions | % of Asking Price |
| Priced Right | 7 DOM | 0 | 105% |
| Mildly Overpriced | 110 DOM | 1.2 | 93% |
| Heavily Overpriced | 179 DOM | 3.2 | 85% |
Key takeaway: The more you overprice, the longer it takes—and the lower your final selling price.
Why Sellers Overprice (and Why It Backfires)
Many sellers:
- Anchor to peak 2022 prices
- Want to “leave room to negotiate”
- Think their home is “the best on the street”
But buyers aren’t fooled. They’re market-savvy, rate-conscious, and informed. Overpriced homes get fewer views, fewer showings, and become “stale inventory” fast.
And once your home hits 90+ days on market? Buyers assume something’s wrong.
The True Cost of Overpricing
Here’s what overpricing leads to:
- Extended days on market
- Multiple price changes (each one weakens positioning)
- Net proceeds lower than if you priced right from Day 1
- More stress, more negotiations, more wasted marketing budget
How to Price Properly in Today’s Market
- Study hyperlocal comps, not just averages
- Consider current buyer demand, rate sensitivity
- Set a pricing strategy aligned with marketing goals (e.g., holdbacks, offer dates, exclusives)
It’s Not About What You Want—It’s About What the Market Will Bear
Overpricing is a gamble—and right now, the house always wins.
If you’re a seller in Toronto, especially in the mid-to-high end market, your best bet is to price strategically, move quickly, and avoid the slow, painful grind of chasing the market down.
Because price cuts don’t spark excitement. But smart pricing? That creates momentum.
