Buying a home can often be a stressful process and the blind bidding system can add that extra layer of frustration if you have no idea what other people have offered.
With that in mind, a new pilot project is being set up, aimed at creating a more transparent process.
It’s essentially a reimagining of the whole system we have now and it’s particularly relevant for markets like Vancouver and Toronto, where buying a home has become out of reach for many people.
“Multiple offer scenarios have become increasingly commonplace in today’s real estate environment,” Canadian Real Estate Association (CREA) chief executive Michael Bourque said in a statement. “Canadian property buyers and sellers seek greater confidence in the process, while Canadian realtors seek tools to enable and more easily manage these situations. We’re very excited about the potential of this pilot to address both.”