Ontario real estate law updated with open bidding option

Ontario has brough in new rules that seek to provide more clarity for homebuyers and sellers, though they don’t go as far as some had hoped.
The rules, which took effect on Friday, include the option for sellers to use an open bidding process, improvements to broker and brokerage disclosures and ways to avoid conflicts on multiple representation.
The open bidding process lets the seller disclose submitted bid prices to potential buyers, something that had previously been banned.
Seán O’Shea reports on the new rules.
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[@bobwoods1302]

Get rid of Air B&B and the like. If you want to run a hotel then go build a hotel. Homes are for living in.

[@shauncameron8390]

First allow landlords to to evict bad tenants in a timely manner and abolish rent control. Government interference is the reason Air-BnB and renovictions exist.

[@Urvan88]

Reduce realtor's fee to 1 to 2 percent. It's 6% when the house price is cheap. 6% of the house price now is ridiculous.

[@pierre_desbiens]

Some charge 1-2 percent, it’s up to the consumer what you want to pay. Agents with a proven track record of success will charge more. You really have to do your homework, no different then a Kijiji Contractor vs a pro or a a back yard mechanic vs the dealer. It’s always been up to the consumer, it’s a misconception that fees are set. The days of 6% are long gone.

[@toolbaggers]

Screw that. Fixed fee. Percentage commission is a scam like tipping a waiter more money because they carried something more valuable when in reality it's the cheap stuff like water and hot soup that is the most difficult things to serve.

[@toolbaggers]

@@pierre_desbiens Success? House sell themselves.

[@MentionBiscuit]

With 60k plus agents in Ontario Real estate agent commissions should be FRACTIONAL is TRUE competition was allowed to exist. They have monopolized the market and PRICE FIX guaranteed commissions regardless of outcome. Terrible. Wake up people

[@rgen28]

Break up the fees. Seller and buyer pay their own fees. Other countries changing now. This way the agents will truly work on their respective parties.

[@simranjeetmatharoo3953]

coming soon, as south of the border its coming, with 1.8 billion recently awarded as damages for excess commission charged, same type of case has been admitted in federal court of canada, in future many brokerages may go bankrupt, or these greedy agents would have to cough up all the excess commission they have charged in the past.

[@tysonristau4995]

The only make money if there is a sale so why wouldn’t they work together?

[@samhuangto]

This is a nothing burger! Do what Australians do, mandatory open bidding process

[@Edie45]

How different it is in New South Wales, Australia where homes are open for interested parties to view on a specific day or possibly two days followed by an auction of that house later … an auction … just like farm auctions or everyday auctions of a person’s or estate’s contents. Do the potential buyers know what offers are out there? You bet they do because they can see the other potential buyer in the crowd and hear the offer called out. Guess I should have read the other comments first. Obviously I am not the only one to tout auctions in Australia.

[@BlankSpacePub]

It would be interesting to see how an auction-style open bid would work here, like they do in Australia. Data show that open bids can actually increase prices, as bidders get caught up in the frenzied moment to outbid each other. As a seller, if I was doing open bidding, I would go the auction route with a reserve bid.

[@toolbaggers]

So you are are saying that this would screw with potential home buyers? Canada has a serious problem with affordable housing and what you are suggesting would only make the problem worse.

[@BlankSpacePub]

@@toolbaggers What I am saying is that open bidding is not the solution to rising house prices, like this news segment is suggesting. Some rudimentary research would demonstrate this. Open bidding can increase prices. And yes, as a seller I would opt for an auction style open-bid system, if I wanted the highest price. The real solution to the housing crisis is simple: more supply. Several people in my neighbourhood have built new houses. It took them 3 years from the time they got the permitting process started to actual completion. It should not take 3 years to build a simple 3-bedroom house.

[@Jonnyrockin71]

I have witnessed some of these when I lived in Australia. It’s a frenzy !!!

[@mathias8627]

The commodification of housing is disgusting

[@inmybox2023]

I’m going to catch hell for this but, there need to be a stop to turning homes into rental properties, no one wants to rent, no one wants to pay $4500 to a landlord with a mortgage of $4000 and somehow the cant get a mortgage for $3500, you know it happens all the time People are being forced to rent.

[@edwardt2417]

So if you are going to be living somewhere temporarily, say for 6 to 12 months because you are on a work placement, you will need to buy a home and then sell it in 6 to 12 months? Try THINKING before you type.

[@shauncameron8390]

Maybe not you, but people who frequent the city do as they tend to move around a lot. Only if they insist on living in the big city.

[@Keepasking123]

Would love an actual auction bidding with everyone present.

[@JJ-qp6jw]

This will not change anything because it says “This is an option for the seller’s agent to use. It is not mandatory.” No sellers agent will do this. This is feel good legislation with no real impact.

[@parentrap]

They have been doing this the last 2 year!!!

[@The66Leadfoot]

I see this option being used for high end homes and homes that need serious attention.

[@NC4Walker]

A seller could…but won’t lolol

[@pegasus793]

Now do Nova Scotia