Why Sold Comparables Matter When Buying a Home in the GTA | Max Cash Back Realtor

When List Price Doesn’t Match Reality: A GTA Home Buyer’s Story

When John (not his real name) first became my client, he told me he wanted to buy a home under $1.2 million somewhere in the GTA, ideally Mississauga or Milton. His must-have? A basement apartment for extra income.

I sent him a few options that fit his criteria, but soon after, he emailed me a property listed at $1,199,900. To him, it looked like the perfect fit, within budget and with a basement apartment.

But when I looked closer, I noticed something important: the listing had an offer date. That was my first clue this wasn’t really a $1.19M home, it was priced low to spark a bidding war.

The Truth Behind Sold Comparables

As a Realtor, the first thing I do is look at sold comparables (or “comps”). These are recent sales of similar homes that help determine what a property is truly worth.

Here’s what we look at when analyzing comparables:

• Same neighborhood or very close proximity.

• Size of the home (square footage).

• Number of bedrooms and washrooms.

• Whether the basement is finished or has a separate entrance.

• Upgrades, lot size, and other key features.

In John’s case, the comparables told the real story. Similar homes in that exact area, each with finished basements and separate entrances, had sold between $1.37M and $1.4M.

The $1,199,900 list price wasn’t the deal John thought it was—it was just the starting line.

The Buyer’s Perspective

Like many buyers, John wanted to stick to his budget. He told me:

“I won’t go higher than $1.2 million.”

And I completely understood where he was coming from. But the truth is, buyers who don’t grasp comparables early on either:

• Spend time chasing homes they’ll never win, or

• Place offers that get rejected, missing out on the right opportunities.

Offer Day Proved It

When offer day arrived, the home attracted five offers—and still didn’t sell.

I called the listing agent, who told me his seller was holding firm at $1.4M. Exactly where my analysis had predicted.

The Lesson for GTA Home Buyers

The biggest takeaway from John’s experience is this: list price is not sale price. Especially in competitive GTA markets like Mississauga, Milton, and beyond, homes are often listed low to drive multiple offers.

If you’re buying a home, don’t just look at the list price. Trust the comparables, they reveal the property’s real market value.

Want to Truly Save Money in the GTA?

I know every buyer wants to save money. But trying to “beat” the market by ignoring comparables isn’t the way to do it.

Here’s a smarter way: work with a Cash Back Realtor.

With our Max Cash Back Realtor Program, you get up to 70% of the buyer’s agent commission back after closing. That means on a typical purchase, you could save tens of thousands of dollars without chasing unrealistic list prices.

Looking to Buy a Home in the GTA?

If you’re ready to buy and want a Realtor who will give you honest advice, negotiate hard on your behalf, and put money back in your pocket, call me today at 647-998-8537.