{"id":224229,"date":"2022-04-20T16:47:38","date_gmt":"2022-04-20T20:47:38","guid":{"rendered":"https:\/\/www.livabl.com\/articles\/?p=224229"},"modified":"2022-04-20T16:47:38","modified_gmt":"2022-04-20T20:47:38","slug":"ontario-sellers-disclose-offer-details","status":"publish","type":"post","link":"https:\/\/www.livabl.com\/articles\/news\/ontario-sellers-disclose-offer-details","title":{"rendered":"Ontario to change bidding process by letting home sellers disclose competing offer details"},"content":{"rendered":"

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\"The<\/a>Photo:\u00a0Spiroview Inc.<\/a> \/ Adobe Stock<\/em><\/p>\n

The Ontario government is planning to introduce new policies that would let home sellers disclose information about competing purchase offers on their home.<\/p>\n

According to reporting from The Canadian Press<\/a>, the provincial government says that home sellers will soon get to choose if they want to \u201copt for an open offer process,\u201d and share bids on their property. For home buyers, this would allow them to see information about other offers if the seller and other parties consent to it.<\/p>\n\n

Traditionally, Canadian homes have been bought through a blind bidding process, where fellow buyers are not aware of the specific details of competing purchase offers on the same property.<\/p>\n

\u201cSellers will no longer be limited to selling their property through a closed or traditional offer system,\u201d said Ontario\u2019s Minister of Government and Consumer Affairs, Ross Romano, in a statement.<\/p>\n

Tim Hudak, CEO of the Ontario Real Estate Association (OREA), stated in a press release that he was pleased about the latest reforms.<\/p>\n

\u201cThese changes were part of a package of reforms the Ontario Real Estate Association (OREA) worked closely with the Province to bring forward, which strike the right balance between adding more transparency to the offer process and protecting a homeowner\u2019s right to sell their home how they want, instead of blanket bans on the traditional offer process,\u201d said Hudak.<\/p>\n

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Buying a home is one of the biggest purchases a person will make & our government is ensuring Ontarians will be able to make this milestone investment.\u2070
\nWith these new protections, hard-working Ontarians can rest assured knowing that we have their backs!https:\/\/t.co\/1irSZyZStu<\/a><\/p>\n

\u2014 Ross Romano (@RossRomanoSSM) April 20, 2022<\/a><\/p><\/blockquote>\n