Eleven offers for bungalow after price cut by $400,000

A house in Toronto drew lots of attention this spring after its price was slashed by $400,000. Originally listed at $999,000, the bungalow failed to attract any offers. That all changed once the price dropped to $599,000. Suddenly, eleven offers began rolling in, surprising even the real estate agent.

The home is a single-storey bungalow, located at 85 Sharpe Street in Toronto. Before the cut, buyers passed on it at the higher price. After reducing the asking price by $400,000 in mid-March 2025, the property drew a flood of interest.

Eleven separate offers poured in, which the listing agent described as “unusual.” It’s rare to see that many bids on a modestly priced bungalow so quickly—even in Toronto’s busy spring real estate season.

Industry experts say this case shows how price is still the most powerful tool in today’s housing market. A steep discount like this signals value, and buyers often respond fast to deals that stand out. In hot markets, the right price can make a home sell within days.

Although overall home prices in the Greater Toronto Area are forecast to rise in 2025, not every listing commands full value at first. Some sellers may need to adjust expectations and trim their asking prices to attract bids. This example illustrates how quickly momentum can build after significant reductions.

For home sellers and buyers alike, the lesson is clear: pricing matters. When a property feels fairly priced, buyers act. Eleven offers on a bungalow that once sat idle show just how much impact a well-timed cut can have on market interest.