A second set of rental rules in Ontario are set to take effect Sept. 21. Here is a link to Ontario Tribunals Page with information on the changes. The same information is presented here by the
An End to Blind Bidding for Real Estate in Ontario?
Dated: November 6 2023
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Photo by Tierra Mallorca on Unsplash
Would sharing competing offers help cure Ontario's housing affordability issues? Some think so. On December 1, 2023 the next phase of TRESA (Turst in Real Estate Act) takes effect. One of the most substantial changes is that sellers will no longer be prohibited from sharing the content of competing offers.
A seller may direct that all or part of the contents of offers be shared with registered bidders. This is new for Ontario but puts the province in line with other jurisdictions in Canada.
Sharing the personal information of the person making the offer or any information that would identify the person making the offer is still prohibited.
It's important to note that the seller can at any point change their mind and decide to not share information of any offers.
A seller might instruct their Realtor to share the content of offers but a week later may change their mind and instruct their Sales Agent not to share the information. Or, a seller might decide after they have received all of the offers that they prefer not to share the content of the offers. That's perfectly acceptable.
Presently there are no rules about how or when a seller’s decision to share the content is communicated to prospective buyers. The seller is under no obligation to provide instructions prior to receiving offers.
If a buyer client doesn’t want to participate in a process where the content of offers might be shared, the registrant might recommend including a clause in the offer addressing this.
The exact wording of a clause is still being worked on. I will post more about this before the December 1,2023 change.
One thing that hasn't changed is that Listing Agents are still required to communicate the number of competing offers to every person making an offer.
There are more changes coming with the roll out of TRESA. I will be posting more throughout the month of November. For more information and updates on TRESA you can also follow this link to the Real Estate Council of Ontario.
Frank Prendergast
I’m very excited to be partnering with Bosley Real Estate to provide you with the exceptional, professional representation you need to protect and promote your best interests. Bosley Real Estate....
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Toronto Real Estate Board (TRREB); All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested