And yes, I agree that too many people were entering the pool at that time. You might be right here. However, I still don't want to wait for the cut-off to go below 440 in next few months. I can't afford that, as the delay will cost me a lot. We have got our medical done, and also paid a good amount to an agent in order to get the PCCs. Better improve the score and receive ITA sooner than later.
Here is the pool on March 8, As you can see there were around 4k people above 440 at that time. As the draw was expected on 7th March I would say it was certain that the score would have been above 445 let alone 440. I assumed all of this previously. However, since you were adamant in your theory, I had to dig this data up from achieve.