Ontario real estate law updated with open bidding option
Global News
New rules for Ontario real estate are coming into force that are meant to provide more clarity and choice for buyers and sellers, though they don't go as far as some had hoped.
TORONTO — New rules for Ontario real estate are coming into force that are meant to provide more clarity and choice for buyers and sellers, though they don’t go as far as some had hoped.
The rules, which took effect Friday, include the option for sellers to use an open bidding process, improvements to broker and brokerage disclosures, and ways to avoid conflicts on multiple representation.
The open bidding option gives the seller the choice to disclose submitted bid prices to potential buyers, something they were previously banned from doing.
Open bidding has been advocated by some, including Ontario Green Party leader Mike Schreiner, as a way to reduce rampant overbidding in real estate and help reduce prices.
“A consistently transparent bidding process will help bring down the skyrocketing price of houses,” he said when the Ontario government announced open bidding would be an option for sellers.
The federal Liberals also promised in their 2021 election campaign to end blind bidding because it said not knowing other bids ultimately drives up home prices.
Joseph Richer, registrar at the Real Estate Council of Ontario, said however that there’s little research on how blind bidding affects prices, adding there are some indications that open auctions in Australia put upward pressure on prices.
He also said mandating open bidding could lead to negative effects for sellers.
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