Canadian prices are high in the huge metro markets, less so in the burbs and rural areas.
In any case, that is a Tim Horton's promotional model from the early to mid 1990s. IMHO, worth 50% of the asking price tops, unless he's including 50-60 free cups of Tim Horton's coffee.
Seller's often think their Marlboro, Rolling Rock, Tim Hortons, Budweiser, Browning, or Smith & Wesson promo bike is rare and valuable. NOT!