01 Feb Ontario may allow disclosure of prices in real estate bidding wars.
Original article via CP24. Click here to read.
Ontario home buyers may soon be able to find out the prices and conditions of other offers in bidding wars.
The government launched a consultation Thursday looking at the Real Estate and Business Brokers Act, and that’s one rule they’re looking at changing. Currently, if there are multiple bids on a home, the seller’s broker can only disclose the number of competing offers, but not the details of them.
Through this method in a hot housing market, buyers often can blindly offer more than what they initially planned on spending in hopes of beating their competitor.