Real Estate

Liberals plan to ban blind bidding

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[OP]
Deal Addict
Feb 26, 2016
1458 posts
463 upvotes
Vaughan

Liberals plan to ban blind bidding

https://www.ctvnews.ca/politics/federal ... -1.5562902

I personally feel it's a great idea but I'm sure everyone has their own opinion. I just thought I'd share this since it's quite interesting and in case it impacts your voting decision.

Perhaps this can be merged with the thread for "Federal Election Platform and Real Estate".

federal-election-platform-real-estate-2483509/
25 replies
Deal Expert
Feb 29, 2008
19070 posts
17394 upvotes
Tarrana & The Ri…
I don’t have a problem with this but it won’t do much.
Member
Aug 23, 2017
238 posts
259 upvotes
JayLove06 wrote: I don’t have a problem with this but it won’t do much.
I agree. It won't be a watershed moment. But it will help the buyers a little bit at least.

The problem of selling realtor calling up and saying "Do you want to adjust the bid?" even when we are the highest bidder days will be gone.

Australia has been doing an open auction for multiple years. I personally think that'd be the way to go.
Deal Addict
Jan 15, 2010
1508 posts
1835 upvotes
Toronto
The thing with open bidding is it works so much better with some sort of minimum price set. Above which the seller needs to accept an offer (assuming their conditions are met). Otherwise it will be a complete mess when sellers continually back out after not getting the number they want.
Deal Addict
User avatar
Jan 14, 2009
4497 posts
3655 upvotes
Vancouver, BC
DaMan12 wrote: The thing with open bidding is it works so much better with some sort of minimum price set. Above which the seller needs to accept an offer (assuming their conditions are met). Otherwise it will be a complete mess when sellers continually back out after not getting the number they want.
This could crater listings in Vancouver and sellers can just set a stupid high reserve price.
If you buy vgro for a thousand years Vancouver homes will still be out of reach.
Deal Addict
Mar 10, 2014
2363 posts
2404 upvotes
otaknap wrote: https://www.ctvnews.ca/politics/federal ... -1.5562902

I personally feel it's a great idea but I'm sure everyone has their own opinion. I just thought I'd share this since it's quite interesting and in case it impacts your voting decision.

Perhaps this can be merged with the thread for "Federal Election Platform and Real Estate".

federal-election-platform-real-estate-2483509/
JT is desperate to throw darts at the wall and see what sticks. Is he planning to use taxpayers money and challenge CREA's policies and principles on how to do business? Wonder how long this will be tied up in Court before "banning blind bidding" will actually happen in Canada? When JT is voted out of office?
Deal Guru
Feb 22, 2011
12484 posts
15970 upvotes
Toronto
JayLove06 wrote: I don’t have a problem with this but it won’t do much.
I actually think it would make it worse, a lot of people now don't go higher because they don't believe others are paying so much. If they see it they will have confidence to bid more.

There are open bids here too, you don't have to do blind. The sales that are open have been the same as other ones.
Deal Expert
Feb 29, 2008
19070 posts
17394 upvotes
Tarrana & The Ri…
kgvaughan wrote: I agree. It won't be a watershed moment. But it will help the buyers a little bit at least.

The problem of selling realtor calling up and saying "Do you want to adjust the bid?" even when we are the highest bidder days will be gone.

Australia has been doing an open auction for multiple years. I personally think that'd be the way to go.
I guess bidders will see the knife from the front instead of from the back.

Australia does have open bidding. I believe they have a huge affordability problem there as well.

I do agree in general. I never like the fact that you were bidding against yourself or some imaginary buyer.

Here’s the thing though. How many have lost houses thinking they were $75k away only to find out they were $5k away. Imagine if they knew an extra 15k would have gotten them thr house? In this regard I can see people spending more with open bidding.. but likely not the norm.
Deal Addict
Jul 3, 2007
4050 posts
4532 upvotes
Toronto
get rid of sold over asking signs too, when the house is underlisted by $300k...... change the hype around marketing that is mickey mouse nonsense....

fix builder agreements that are one sided....

so much needs to be done....

and also doesnt this land on provincial governments ? i dont think the feds can do anything about it
Deal Addict
User avatar
Jan 2, 2012
4392 posts
2562 upvotes
Toronto
otaknap wrote: https://www.ctvnews.ca/politics/federal ... -1.5562902

I personally feel it's a great idea but I'm sure everyone has their own opinion. I just thought I'd share this since it's quite interesting and in case it impacts your voting decision.

Perhaps this can be merged with the thread for "Federal Election Platform and Real Estate".

federal-election-platform-real-estate-2483509/
I can see this increasing prices in some cases, as realtors adapt to new ways to list homes. One such way I can see this heading is to have more "auction" type sales. So in multiple offer scenarios they will just keep going back to all the buyers to see if they want to increase their bid over the current top amount, until just 1 is left.

DaMan12 wrote: The thing with open bidding is it works so much better with some sort of minimum price set. Above which the seller needs to accept an offer (assuming their conditions are met). Otherwise it will be a complete mess when sellers continually back out after not getting the number they want.
This should never happen. Nobody should be able to force a seller into a sale, for any reason. Just like selling any other asset, the seller needs the complete authority to take down the listing or change it however they want, before any deal is agreed upon. Sellers can change their mind for all sorts of reasons.
Deal Addict
User avatar
Nov 1, 2001
1150 posts
470 upvotes
Toronto
otaknap wrote: https://www.ctvnews.ca/politics/federal ... -1.5562902

I personally feel it's a great idea but I'm sure everyone has their own opinion. I just thought I'd share this since it's quite interesting and in case it impacts your voting decision.

Perhaps this can be merged with the thread for "Federal Election Platform and Real Estate".

federal-election-platform-real-estate-2483509/
Consumers love it. But I see all the posts from realtors saying it's a bad thing that people no longer be a choice to do blind bidding and are forced to auction off their houses. Barf.
Sr. Member
Nov 13, 2016
826 posts
454 upvotes
otaknap wrote: https://www.ctvnews.ca/politics/federal ... -1.5562902

I personally feel it's a great idea but I'm sure everyone has their own opinion. I just thought I'd share this since it's quite interesting and in case it impacts your voting decision.

Perhaps this can be merged with the thread for "Federal Election Platform and Real Estate".

federal-election-platform-real-estate-2483509/
The key word here is 'plan'.. the same as what happened with elections reform. Once the vote is cast, it will stay in the planning stage until cows come home.

CD
Deal Fanatic
Jul 3, 2011
6517 posts
3788 upvotes
Thornhill
This is simply stupid, a knee jerk reaction a la Wynne’s misguided rent and foreign buyer penalty to pander to those buyers who think they’re the only people who should have rights in the purchase and sale of property. It would not work. There is a constitutional challenge awaiting Trudeau should he attempt this and he will lose.

The very one-sided stupidity lies in that non-thinking Realtor’s very tweet. What seller is going to want to give up the opportunity to have a buyer blow away the rest by 10’s or 100’s of thousands?

I’d like to hear from all the people in here who want this open bid process, have sold but insisted on not underlisting to create a bidding war and/or refused to entertain bully offers and can prove it with their listing.

I’ll wait.

And who in here condoning this would welcome the opportunity for someone who can afford more to see their offer if they want a property that is going to be at the top of their budget?

I’ll wait.

Another problem is the irrevocable. Unless the government thinks it can mandate personal business choices of consumers and make every offer have a certain amount of time to expiry or force the seller to have to institute an unchangeable offer date and time, buyers will submit their offer with the least amount of time possible and force the seller’s hand. This will not assist other buyers waiting to hear what the bids are and hoping to get in at the last minute to beat them out.

Just like people carped loudly that prices will drop once sales prices are made available to the public – that didn’t happen and then they complained about foreigners and investors, Wynne’s vote seeking measures worked for all of 15 minutes for here they are, still complaining and asking for something else sure once more it will work..
And like the other failed measures, buyers will still be harping that it’s crooked when they either lose by a few bucks or lose to a lower bidder. But sure buy votes. I can’t wait to see what the next reason housing is unaffordable will be.

And to those eager to jump on me that I'm a Realtor, you haven't been paying attention to my posts - I dislike and do not practice gross underlisting. I despise and do not practice the contradiction of setting an offer date and accepting bully offers.
Sr. Member
Apr 23, 2014
932 posts
414 upvotes
Toronto, ON
Looking forward for it to happen. The blame is on realtors, how they push buyers into making high bids. Hard to find honest realtors.

Oh and "sold over 300k", yes, under list price. Realtor said it's necessary to make people excited and visit property, but they should make appropriate bid.
Deal Expert
Feb 29, 2008
19070 posts
17394 upvotes
Tarrana & The Ri…
vanclty wrote: Looking forward for it to happen. The blame is on realtors, how they push buyers into making high bids. Hard to find honest realtors.

Oh and "sold over 300k", yes, under list price. Realtor said it's necessary to make people excited and visit property, but they should make appropriate bid.
I wouldn’t care about that if sold prices were available to the public. You shouldn’t have to jump through hoops to find sold prices. It’s madness.

My question, though. Who will people blame when prices rise higher? People overpay during open auctions all the time…so I’m not sure if this is something to cheer about. It is good to know what you’re up against though.
Member
Apr 15, 2009
297 posts
300 upvotes
toronto
It’s interesting that they’re trying to appease buyers as if there’s a shortage of them. In fact it’s the sellers who need to be convinced that this works to their advantage.
Member
Jan 9, 2012
308 posts
321 upvotes
joepipe wrote: get rid of sold over asking signs too, when the house is underlisted by $300k...... change the hype around marketing that is mickey mouse nonsense....

fix builder agreements that are one sided....

so much needs to be done....

and also doesnt this land on provincial governments ? i dont think the feds can do anything about it
No need to ban it. When life gives you lemons make lemonade of it.
Bring in new tax like soldOverAsking tax at 20%. You tax $300k at 20%.
Then naturally all realtors will list at comparable prices.

As far as bidding goes, it should be blind at the bidding time. Put on all bids on blockchain on realtime but only shown to everyone only after bidding event is complete. In this way all fake bids are caught and those criminal will go to jail.
Deal Expert
Feb 29, 2008
19070 posts
17394 upvotes
Tarrana & The Ri…
mstefa wrote: It’s interesting that they’re trying to appease buyers as if there’s a shortage of them. In fact it’s the sellers who need to be convinced that this works to their advantage.
They're all out of answers. Which is actually quite pathetic.
Sr. Member
Dec 23, 2012
504 posts
499 upvotes
RICHMOND HILL
I think it would be an improvement if there was a minimum increment

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