The Federal Government of Canada has made their intention known that Canada’s real estate system will eventually be moving to an open auction system, eliminating the current blind bidding structure in favour of an open bidding system similar to that in Australia. While this change is not likely to make Canadian real estate any more affordable, it will increase transparency in the home buying process.
Recently the Canadian Real Estate Association (CREA) announced a pilot project with Australian company, Openn Negotiation to display real-time offer tracking on REALTOR.ca in select Canadian markets beginning this summer.
In this video, Surrey Real Estate Specialist Steve Karrasch of Macdonald Realty walks through the Openn website, in an effort to understand what CREA’s pilot project might look like and what new information a buyer may have access to under an open bid system.
#SurreyRealtor #CanadianRealEstate #BlindBidding
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The opinions expressed herein are solely that of Steve Karrasch PREC, not Macdonald Realty or the FVREB and should not be misconstrued as advice or the basis of an agency relationship whatsoever. Please consult your professional advisor prior to taking action on any decisions relating to the matters discussed in these videos. This communication is not intended to cause or induce breach of an existing agency agreement.