TORONTO – With housing taking centre stage in the lead up to next week’s provincial election, it’s clear that voters are looking for a provincial government that will take action on addressing the housing crisis and bring affordability closer within reach. But to do so, Ontarians do not want the government to mandate how you sell your home.
Some have been calling for a ban on the multiple offer process, or “blind bidding”, with the intent of turning the process into an open offer auction process. However, a recent survey conducted by Abacus Data on behalf of the Ontario Real Estate Association (OREA) shows that only a small minority of Ontarians (18%) think it is a good idea to force homeowners to sell their home to the highest bidder via an auction.
The majority of Ontarians (60%) believe homeowners have a right to sell their home by whichever method they feel is best. 6 in 10 also say a homeowner should be given choice when it comes to how and to whom they sell.
“You cannot solve the housing affordability crisis by denying millions of hardworking families the choice of how to sell their home by banning the traditional offer process or blind bidding,” said OREA CEO Tim Hudak. “A home is a family’s greatest asset, so they should have the option to sell their home however they wish and not be forced to put it up for auction.”
Ontarians are divided on how well the current home buying and selling process is working. The Government of Ontario sought to address the issue earlier this year by introducing new rules under the Trust in Real Estate Services Act (TRESA). Once in effect, the changes will bring more transparency to the home buying and selling process, allowing buyers to view information about competing offers being made on a home, provided all parties consent.
“Ontario REALTORS® called on the Province to introduce these common sense reforms instead of implementing blanket bans on the traditional offer process,” said Hudak. “It strikes the right balance between adding more transparency to the offer process while protecting a homeowner’s right to sell their home how they want.”
Instead of mandating auctions that would just add more red tape and further restrict the number of homes on the market and likely drive up prices, OREA is calling on all political parties running in the 2022 Ontario election to prioritize housing policies that will ensure future generations have a shot at owning a home. These bold solutions include increasing housing supply, particularly affordable starter homes, and doubling the land transfer tax rebate for first-time home buyers.
OREA’s 2022 Election Housing Platform can be found at www.AHomeForEveryone.info.
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Ontario Real Estate Association
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