Editor's note, October 6, 2026: this article was reviewed and rewritten in our accuracy check. An earlier version contained over-asking and price-reduction percentages we could not trace to a source; they have been removed or replaced with figures from the sources listed at the end of the article.
Your list price is the single biggest decision you make when selling. It decides which buyers see your home in their searches, how many come to see it, and whether it sells quickly or sits. Here's how to set it.
Start from sold comparables
A comparative market analysis (CMA) looks at homes like yours that sold recently nearby, adjusted for differences: size, lot, bedrooms and bathrooms, parking, condition and renovations, and for condos, floor, view and fees. Active and expired listings tell you about the competition and where buyers have refused to pay; sold prices tell you what buyers actually paid. TRREB's MLS® Home Price Index tracks how benchmark prices have moved since your comparables sold: across the GTA the composite benchmark was down 4.5% year over year in August 2026, so a sale from last year is not a guide to this year without adjustment.
Three common strategies
- Price at market value and review offers as they come in. Simple, and it avoids the risk of an offer date with no offers.
- Price below market with an offer date, to draw several buyers to compete. It can work when demand is strong for your type of home; if few buyers show up, you may face a single low offer or have to relist.
- Price above market to leave room to negotiate. This usually costs time: buyers searching in your true price range don't see the listing, and homes that sit often sell for less after reductions.
Which one fits depends on current demand for homes like yours. Ask your agent for evidence: how many similar homes are for sale, how long they've taken to sell, and how sale prices compared with list prices in the last few months.
Read the market's response
- Few showings in the first week or two: usually a price problem, or a photos and presentation problem.
- Showings but no offers: buyers like the home but see better value elsewhere. Ask your agent for buyer feedback.
- One offer below list: compare it with what has sold, not with your list price.
Things that should not set your price
- What you paid, or what you spent on renovations.
- A neighbour's asking price (as opposed to a sale price).
- An automated estimate on its own; use it as a starting point and check it against real comparables.
- An agent's promise of a high price to win your listing. RECO suggests interviewing at least 3 agents and asking each to explain their pricing.
About commission
What you pay a brokerage is negotiable. RECO notes it is not fixed or approved by RECO, the government or any real estate board, and can be a fixed dollar amount, a percentage of the sale price, or a combination of both. It cannot be based on the difference between your list price and the sale price. Ask each brokerage for its fee in writing.
Frequently asked questions
Should I reduce the price if I don't get offers on the offer date?
Not automatically. First look at what went wrong: showings, feedback and the competition. Some sellers relist at market value and accept offers any time; others adjust the price. Decide based on the evidence, not the calendar.
Can my agent tell buyers about other offers?
Your brokerage must tell everyone who made a written offer how many offers there are. It can share the substance of offers only with your written direction, and never anything that identifies who made them.
Can I accept an offer before my offer date?
Yes, it's your decision. If your listing said offers would be reviewed on a set date, talk to your agent about how to handle a pre-emptive offer fairly and in line with your instructions.
Start with a free instant home valuation, then ask a licensed Summitly agent for a full CMA. Read our pricing guide or ask Zara, Summitly's AI virtual agent.
