“If there are 10 offers around [the same amount] and somebody learns that there are 10 offers, they often panic and offer way more than they need to,” she says. “Like maybe you could have had that house by offering an extra $10,000, but instead, you’ve offered $100,000 more.”
But experts have mixed opinions about whether a flat-out ban is the solution to bidding wars. Some say it won’t bring down prices at all., a professor of real estate management at Ryerson University, there’s plenty of anecdotal data and speculation that indicates closed bidding drives up housing prices. But there isn’t raw provincial data to determine how much, exactly, the practice is jacking up sales.
“Discouraging competition is not the point,” Haider says. “The point is that when more than one prospective buyer is competing, they are not doing so in ignorance.”, a Toronto real estate agent with Bosley Real Estate, says that because real estate regulation is a provincial issue, it would be difficult for the federal government to implement a nation-wide ban on blind bidding. It’s likely going to be up to the provinces to determine new rules.
Government is too concerned about buyers what about owners who want maximum value for their homes
No it won’t , just because you know what the competing offer is does not mean you won’t increase your bid ; you will increase your bid as much as you feel necessary and the other person will do same and price will go up same as if it was blind bidding.
Use all tools, ban blind bidding, build more homes, control foreign speculation, etc...
BB won't cool down the market, but no more eBaying a house make less fun and money for brokers. They should get back to their job for their high amount of pay.
Not a Toronto issue alone, you have homes hours away from Toronto with no work in sight selling for way over 500k its ridiculous
A better route would be to make it easier to build more housing. 🤔
You know in other parts of Canada you can buy a home for the price of the down payment, shocking Toronto and Vancouver aren’t the entire county. l Maybe if the government they promoted some of these facts then ghe market will take of it self
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