Canada Is About To Auction Off All Of Its Real Estate



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.

25 comments

  1. Good. Transparent bids is another step towards removing the middleman (realtors) from Realestate transactions.

  2. Big corporations could use AI to completely control the process & ensure they win every property offering, which shuts out new prospective homebuyers.

  3. A friend of mine just sold his property in Surrey back in late March.
    Purchaser put down $70,000 and has until JUNE to pay the FULL AMOUNT.
    Do you think the prices WILL FALL from Late March's Sold date…??

  4. I wonder if this could possibly benefit large corporations with deep pockets by allowing them the opportunity to outbid average homebuyers on virtually every property sold.

  5. I could see bots screwing an online auction. Bot395 wins the auction for 34 million dollars.

  6. If this is the platform the government chooses I think they’ll definitely need to tailor this platform for our real estate market and set more prescriptive measures to ensure a more streamline approach.

    Just as it is, I’m not a fan of this platform.

  7. This system is way better than the current system. I have seen buyers pay 100k over asking when there was no other offer. Now agents can no longer play around with offers, not bringing the to the table etc..

  8. Well the blind bidding process is bull shit, not sure if this Auz system is the solution but I would never participate in a blind auction.

  9. This is beautiful . You can also make enough wealth when you invest in real estate. I got my first house with digital asset investment before I could diversify into real estate. I figured digital assets has more ROI

  10. I've bought things on eBay before and I've been caught up in the auction process. I bid more than I wanted to for sure on some things. In the end, it's whoever has more money pretty much so not sure if it will decrease prices much.

  11. This system is really going to stack the deck against first time buyers. Typical FTBs have a very limited budget due to the fact that their down payment is usually less than 20% and need an insured mtg. Therefore their ceiling is not based on their own discretion but rather the approval guidelines of the insurer (cmhc, genworth, etc) in which even the lenders are bound by those restrictions. Even if this system is optional, the majority of sellers would likely choose it if it results in higher sale prices.

  12. I believe this will drive up prices not because you can see bids and outbidding one another but it will drive the demand. The buyer fatigue may be eliminated from constant disappointment from the blind bids and now gives them opportunities to see bids, knowing their pre qualified amount and throw in bids from the comfort of their own couch on different properties should they be outbid on one past their comfort amount they then move onto the next one.

    Much easier to do it this way vs the blind bid method which is on a set day

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