Kindred condo mississauga. Will house prices fall in Canada? Tiffany Fox Croft of the Canadian Broadcasting Corporation reports on blind bidding in the Canadian real estate industry.Please Visit: Kindred condo mississauga to Get Your VVIP Registration Today!
Some buyers raised their prices excessively and suffered losses because they did not know the quotations of other bidders. Therefore, some people in the industry think that the rules of blind bidding in the real estate industry should be abolished to make the bidding process more transparent. This can only be achieved through the legislation of the provincial government.
Critics of the blind bidding process are promoting what they call viable alternatives to creating a better system for sellers and buyers.
In Canadian provinces, blind bidding is the default practice when houses attract multiple bids. In this case, buyers compete to offer the highest price for the house without knowing the other bids.
“I think there is a serious problem with what we are doing,” said Murtaza Haider, a professor of data science and real estate management at Ryerson University. ”
Ending blind bidding may have some impact on house price volatility, but more importantly, “greater efficiency and transparency will bring more trust to the industry, which should be a priority for the real estate industry,” Haider said. ”
In past elections, the Federal Liberal Party has made clear its position on this issue, saying that part of their housing platform is to prohibit blind bidding.
In a new opinion poll commissioned by the Canadian Broadcasting Corporation, a majority of respondents supported ending blind bidding. The survey of 1511 Canadians, conducted between September 17 and 19 using an online team from market research firm Leger, found that 52 per cent supported the elimination of blind bidding, 23 per cent wanted to maintain the status quo, and 25 per cent said they did not know.