Condo news toronto . Major changes in Ontario housing bidding rules. The Ontario government has updated a bill (Bill) that will introduce more relevant regulations and changes in trading rules for real estate agents in the future.
The bill will give the Ontario Real Estate Commission (RECO,Real Estate Council of Ontario), the real estate industry watchdog, more powers to more severely punish real estate agents for irregularities and dereliction of duty in real estate transactions. One of the most attractive changes to the bill is to allow real estate agents to disclose the bidding price (bid offers) of the house according to the wishes of the seller. The current rule is to require the parties (all parties) to reach an agreement (agree) before sharing any competition.
Lisa Thompson, Ontario’s director of consumer services, told the media earlier that the bill is a necessary update to the old Real Estate and Business intermediation Act of 2002. Because the bill has not been updated for nearly 20 years. The government has been conducting public consultation since early 2019, involving up to 7000 participants and listening to the advice of the Ontario Real Estate Association. Even if all the Offer prices of the bidding can be disclosed according to the wishes of the sellers in the future, the industry and the public are still dissatisfied with the process and openness of the housing bidding.
In response to the change in the rules that sellers in Bill 51 can publicly rob the bidding information of offer, Joseph Richer, the registrar of the Ontario Real Estate Regulatory Board (RECO) (Registrar), said in an interview with our reporter that the proposed change (the proposed change) must be further developed in the regulations, but it is intended to provide the seller with more flexibility in how the seller wishes to deal with the offer process.
Referring to the pros and cons of such a change, Richer said: “the extent of the legislative change is not fully understood, so we are not in a position to comment on its pros and cons. Allow the seller’s representative to disclose that all offer bids are available as a tool. However, it is important for sellers and their real estate agents to understand the advantages and disadvantages of the tool before using it. “
Ben Zhang, a senior full-time real estate agent in the Greater Toronto area, said in an interview with Sing Tao that the change, which can be disclosed with the permission of the seller, itself leaves room. “people tend to see only one side of a lot of things. The policy is based on the voice of many people. However, it is difficult to make a prediction at this time on how the outcome will develop. I think, first of all, the price of other Offer is not allowed to be disclosed before, but now it is not required to disclose the bidding price of the house. Whether the seller is disclosed or not depends not on whether the buyer wants the seller to disclose, but on whether the seller is willing to do so. In fact, if the seller wishes to disclose the situation, it is not previously not allowed, the real estate agent can disclose in accordance with the wishes of the seller. “