There may soon be more transparency into bidding wars.
Global News said, "Currently, if there are multiple bids on a home, the seller’s broker can only disclose the number of competing offers, but not the details of them."
Especially with the current state of the housing market in Toronto, changing this could make a big impact. There is a possibility that more transparency will be mandatory, helping buyers in bidding wars know what the other bidders are offering.
The government launched a consultation Thursday looking at the Real Estate and Business Brokers Act, and that’s one rule they’re looking at changing.READ MORE: Ontario legislators hike housing allowances by 20 per cent to offset increased Toronto rental rates “Allowing registrants to disclo
There may soon be more transparency into bidding wars.
Global News said, "Currently, if there are multiple bids on a home, the seller’s broker can only disclose the number of competing offers, but not the details of them."
Especially with the current state of the housing market in Toronto, changing this could make a big impact. There is a possibility that more transparency will be mandatory, helping buyers in bidding wars know what the other bidders are offering.
We will keep you updated!