With CREA announcing the new Openn Offers Pilot Project many are asking what it's all about and how it works.
CREA has answered these questions in an article you can read on their Crea Café.
The New Pilot Program, starting in the summer will be similar to the program already set up in Australia and the US, but CREA notes that Canada's program will be "truly unique" with each province having it's own rules and regulations to follow.
Although this program promises to make bidding more transparent, home owners will have the choice as to if they're offers are displayed to those interested in purchasing the home. On one hand this could create a more even playing field for those looking to buy a home as well as cut down on the amount of blind offers. On the other hand this could make it difficult to get a higher price for your home like what is happening now with buyers sending out higher offers than seems realistic.
Our hopes are that more people will be able to purchase a home they enjoy, not just one they can afford because of the crazy market. Fingers crossed that this will be part of making Ontario homes more affordable.
Read More About the Openn Offers Pilot Project on CREA Cafe