02 Feb Transparent real estate bidding could soon be a thing in Ontario.
Original article via Toronto Storeys. Click here to read.
With bid details hidden under a cloak, buyers can be misled into inflating offers in an effort to beat out competitors. This, of course, results in a bidding war and ultimately higher priced markets.
According to the government’s consultation documents, it’s been nearly 20 years since the act has been reviewed. So it’s no surprise that the government wants to review the rules.