Ontarians Might Be Able To See What Other Bids Were Put On Their Dream Home & Here's Why
This won't happen until next year though.
A 'SOLD with multiple offers' real estate sign.
Have you ever wondered how much the other offers actually are when bidding on the house you want to buy? Especially with how competitive Ontario's real estate market can be?
Well, in a year from now, starting on April 1, 2023, homebuyers looking to buy some Ontario real estate could be able to see the competing offers made on the house they are looking to buy. If the seller decides they want to share that information and make it public, that is.
"Sellers will no longer be limited to selling their property through a closed or traditional offer system," Minister of Government and Consumer Services Ross Romano said in a statement provided to Narcity.
Currently, real estate brokers have to share how many competing offers have been made but not what each offer entails, per the Real Estate Council of Ontario.
This regulation, among a slew of others, will be introduced through changes in the Ontario government'sTrust in Real Estate Services Act, 2020.
What else is getting introduced in this act?
"We're introducing a new Code of Ethics for real estate agents, improving professionalism and ensuring across the board standards so that Ontarians can better trust and rely on the advice they receive," Romano said.
According to Romano, homebuyers will also be able to ditch the complex paperwork for standardized forms, and will also gain a clear knowledge from real estate agents of how all of the huge decisions factor in throughout their whole journey of landing their dream home on the market.
"These efforts will be bolstered by the Real Estate Council of Ontario (RECO) being mandated to provide a fact-based information guide to homebuyers, arming them with critical information laid out in an understandable and straight-forward manner," Romano said.
In doing this, by handing RECO these powers, the minister said it'll allow them to go after "bad actors taking advantage of vulnerable Ontarians."
This article's cover image was used for illustrative purposes only.