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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com

31 January 2019

Homebuyers in Ontario may find out about the price offers for the home they want

Ontario government is thinking about letting realtors reveal other price offers to potential homebuyers amid high competition.

On Thursday, the government launched a consultation on reviewing the Real Estate and Business Brokers Act, particularly changing this rule.

Today, in case there are several offers, the broker is allowed to reveal only the number of offers and not the exact prices.

As a result, many buyers at the hot real estate market tend to blindly offer more than they have planned only trying to outpace their competitors.

According to the government, disclosing the details of such offers would provide more information for buyers so that they could make a more reasonable decision.

In addition to it, sellers will also be sure that potential buyers will not be scared away by the idea of blind offers.

The Ontario Real Estate Association has been offering this change and a more thorough review of the Act, and now the representatives are glad the process has started.



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