The Ontario government has introduced new real estate legislation effective a year from now that would allow homebuyers to see all their competitors’ bids on the property, that is, if the seller agrees to disclose the information.
Under the current system, a potential buyer looking to put an offer on a house has done so blindly, without knowing how much their competitors are offering above the asking price.
On April 19, Ontario’s Minister of Government and Consumer Affairs Ross Romano announced the new regulation that would give home sellers the option of an open-offer process. Real estate agents, who have been prohibited from sharing the specifics of competing offers, can now do so with the permission of their seller clients.
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