Changes including opt out choice on blind bidding coming to home buying in Ontario
TORONTO _ The Ontario government is giving property sellers the option of disclosing the details of competing offers, but not going as far as banning blind bidding.
Minister of government and consumer services Ross Romano said in a statement that sellers will get to choose if they want to “opt for an open offer process” and share bids.
Blind bidding, a practice where buyers bid for a home without knowing the size of competing offers, is pointed to by some as one of the drivers behind inflated home price gains.
The move by the provincial government is part of a bigger reform to the Trust in Real Estate Services Act (TRESA).
The changes, which also includes a new code of ethics for real estate agents, more clarity for buyers during the home buying process and greater powers for the Real Estate Council of Ontario to go after bad actors, are set to take effect on April 1, 2023.
The Ontario Real Estate Association said in a statement that it welcomed the changes and worked closely with the province to bring them forward.
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