Uncategorized 16 November 2023

Changing “Blind Bidding”

Starting on December 1st, 2023 a new Provincial Act will replace the one presently governing Real Estate agents and Brokerages. In the past one item spoken of a lot is the so called “Blind Bidding” offer presentation used in Buying Real Estate in Ontario. There has been a lot of talk about moving towards “Open Bidding” and now Ontario Sellers will have a form of Open Bidding.
How it will work: A SELLER will have a choice when listing, whether or not to use Blind Bidding or Open Bidding, and if they choose Open Bidding, what parts of incoming offers they wish to make known to other people making offers.
We will see how this all plays out and how much it reduces offers that are greatly over asking, and slowing property price increases.
Buyers are not forgotten in the new process though and may choose that their offers NOT be made known to other offerees.
Cottage Life published a short article on open and closed bidding. It is an easy read. https://cottagelife.com/realestate/realtor-ca-launches-open-offers-in-an-effort-to-curb-bidding-wars-and-inflated-property-prices/?fbclid=IwAR1gKs–bGSN7dweZwU33QAAyHNCHyq1wA1eZdqw_oEWNuW1D3TtO7Y6RiI