TORONTO. Ontario is considering allowing realtors to tell potential home buyers the prices of other offers in wars.
On Thursday, the government announced a consultation on the Law on Real Estate Brokers and Business, and this is one of the rules that they are trying to change.
Currently, if there are several applications for a house, the seller’s broker can only disclose the number of competing offers, but not information about them.
Using this method in the hot housing market, buyers often can blindly offer more than they originally planned to spend in hopes of beating their competitor.
A government advisory document states that disclosing the details of competing bids may give potential buyers better information to justify their decisions.
Sellers would also know that potential buyers were not stopped by the prospect of blind war.
The Ontario Real Estate Association insists on changing this rule and a wider review of the law, and they say they are delighted with the consultations that are already underway.