Ontario gives home sellers option to share bid details with other buyers
The blind bidding war has been a fixture of Canadian real estate for a generation, but even with new rules in Canada’s largest real estate market that will allow realtors to part the veil of secrecy, industry experts don’t believe an era of open auctions is upon us.
“The ability to disclose is a step in a positive direction. Do I think all of the sudden sellers are going to open up, no, I don’t think so,” said Cailey Heaps, broker of record for Royal LePage Real Estate Services Heaps Estrin Team.
On Dec. 1, the latest update to Ontario’s realtor legislation, the Trust in Real Estate Services Act (TRESA), came into force, allowing sellers for the first time to direct their agents to share details of buyer bids with other buyers.
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