Last week, a ban to blind bidding in real estate sales was proposed as an election promise by one of the parties.
Blind bidding is when multiple buyers try to buy the same property. Since they can’t see what the other offer prices are, they are “bidding blindly” and prices can escalate.
Whenever I sell a property with multiples offers, there is often a wide spread in the offer prices. A difference of $100k or more isn’t uncommon!
But is blind bidding fair?
If you’re a homeowner trying to sell your home for the most money, you probably think it’s fair.
And if you’re a first-time home buyer trying to get on to the property ladder, you probably think it’s unfair.
Regardless of which side of the table you’re on, I’m always here to protect your family’s financial interests.
The thing is, the last time the government decided to interfere with the real estate market it didn’t turn out very well.
On April 20, 2017, the Province introduced a Foreign Buyer’s Tax and the average price in Toronto immediately dropped by about $200,000.
(See the graphs at August Real Estate Report )
Did it help the market? Maybe temporarily, but the actual problem is too much demand and not enough houses to sell.
So whether there are new rules preventing Open Houses or banning phantom offers, I’m always on top of the changes to make sure your family has the best outcome.
Everyone’s situation is unique so if you’d like to chat about your different options, contact me any time.
Call (416) 276-4895!
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I look forward to working with you now or in the future…