Ontario Consumer Minister proposes increased transparency in the real estate bidding process

We are all familiar with the scenario of someone coming in to make an offer on a property, and suddenly, there is another “better” offer.

Ontario’s consumer services minister’s is considering increasing the transparency of the bidding process by eliminating “phantom bids”

A recent Toronto Star Article called Ontario moves to protect consumer in real estate deals , written by Susan Pigg discusses a scenario where last year a purchaser bid $90,000 over asking on an almost million dollar home, under the impression that there were other offers on the table.  When the agent later found out they were the only offer, the sellers agreed to accept $45,000 instead.

Scenarios such as these are not an anomaly.  It is all too easy to fall victim to the pressures of a bidding war when finding your “perfect property”.

The old adage caveat emptor or buyer beware is still the law of the land.  Exercise caution when you are told of sudden interest in a property.  Especially when it has sat on the market for some time.

It’s about time that consumers are protected from misleading and deceptive practices.

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