Ontario to allow new home sales tactic that would change the bidding process

The Ontario government is introducing new real estate regulations that would allow home sellers to share bids on their property and disclose the details of competing offers.As the system stands now, individuals looking to put an offer on a home do so blindly, without knowing how much their competitors are offering above the asking price. The new regulation will give sellers the option to “opt for an open offer process.””Sellers will no longer be limited to selling their property through a closed or traditional offer system,” the Minister of Government and Consumer Affairs Ross Romano said in a statement to CTV News Toronto.”With these changes, hard-working Ontarians can rest assured knowing that our government has their backs as they embark on their journey of home ownership.”

 

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