An alternative to blind bidding is something that is a step in the right direction.
That’s according to Ray Ferris, former OREA President and the current Chairperson of Ontario Real Estate Association’s Trust in Real Estate Services Act Regulations Task Force.
The Ontario government proposes that, in April 2023, they will allow those interested in putting in an offer on a house to put in an open bid, meaning anyone can see it, if the seller wishes.
While the move is being touted as something to help cool down the bidding wars, Ferris said there is still only one sure fire solution for this – building more homes.
