Have you ever wondered how much other offers actually cost when bidding on the house you want to buy? Especially with how competitive the Ontario real estate market can be?
Well, in a year’s time, starting April 1, 2023, homebuyers looking to buy real estate in Ontario can see what competitive bids have been made for the house they want to buy. This is if the seller decides he wants to share this information and make it public.
“Sellers will no longer be limited to selling their properties through a closed or traditional bidding system,” Government and Consumer Services Minister Ross Romano said in a statement to Narcity.
Currently, real estate brokers need to share how many competitive bids have been made, but not what each offer includes, according to the Ontario Real Estate Council.
This regulation, among many others, will be introduced through the Ontario Government’s Real Estate Services Trust Act, 2020.
What else is introduced in this law?
“We are introducing a new code of ethics for real estate brokers, improvising professionalism and ensuring standards for all, so that Ontario residents can better trust and rely on the advice they receive,” Romano said.
According to Romano, home buyers will also be able to dispose of complex documentation on standardized forms and will also gain clear knowledge from real estate agents about how all the huge decisions are reflected throughout their journey on the landing of their dream home on the market. .
“These efforts will be supported by the Ontario Real Estate Council (RECO), which has a mandate to provide fact-based information to homebuyers, arming them with critical information presented in an understandable and clear way,” Romano said.
In doing so, giving RECO these powers, the minister said it would allow them to prosecute “bad actors who take advantage of vulnerable Ontarians.”
The cover image of this article is for illustrative purposes only.
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