{"id":866,"date":"2021-08-30T01:09:00","date_gmt":"2021-08-30T01:09:00","guid":{"rendered":"https:\/\/www.realestateleads.ca\/blog\/?p=866"},"modified":"2023-09-26T00:54:54","modified_gmt":"2023-09-26T00:54:54","slug":"residential-real-estate-boards-across-canada-oppose-proposed-changes","status":"publish","type":"post","link":"https:\/\/www.realestateleads.ca\/blog\/residential-real-estate-boards-across-canada-oppose-proposed-changes\/","title":{"rendered":"Residential Real Estate Boards Across Canada Oppose Proposed Changes"},"content":{"rendered":"
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The reason that residential real estate boards exist in major cities across Canada is to both protect consumers with home purchases and ensure integrity, professionalism, and transparency with members working as real estate agents in Canada. The second part of that should be fairly self-explanatory, but when we consider the first prerogative there we need to remember that there are 2 distinct parts to that equation. There are home buyers, and by necessity there needs to be home sellers that have their homes on the market for the buyers to be able to buy.<\/p>\r\n\r\n\r\n\r\n

Both sides will have their own interests, and nobody is going to deny that there is a housing crisis in Canada and there needs to be solutions tried. But the Liberal governments recent promise to introduce legislation that will, among other points, ban \u2018blind bidding\u2019 is very short sighted and a mere band aid fix that will provide a small amount of benefit for one interest group while compromising the interests of the other.<\/p>\r\n\r\n\r\n\r\n

Real estate agents are often homeowners themselves, and they have other interests that go along with growing their personal real estate business. Facilitating that growth means bringing new clients into the fold, but every realtor will tell you that\u2019s easier said than done. That\u2019s why our online real estate lead generation system here at Real Estate Leads is so highly regarded among realtors who are looking for real advantages. The power of Internet marketing is put to work to generate genuine client leads and these realtors are the only ones to receive them.<\/p>\r\n\r\n\r\n\r\n

But back to our topic this week, let\u2019s talk about why most realtors will disagree with this proposed legislation proposed by the Trudeau Government, even if it may be well intentioned.<\/p>\r\n\r\n\r\n\r\n

Market Reflections<\/strong><\/h3>\r\n\r\n\r\n\r\n

The reason that blind bidding exists is solely because of the wish of ever greater numbers of people to own real estate in Canada being matched with a supply of homes that has never increased even remotely in step with this demand. The Ontario Real Estate Association believes this plan would harm hardworking Canadians and make them less able to choose how they\u2019ll sell their homes, and in the bigger picture regulating real estate practices through the Criminal Code is going to be harmful in both the short and long term.<\/p>\r\n\r\n\r\n\r\n

No matter what side you\u2019re on, that\u2019s as accurate a statement as you\u2019ll find and it\u2019s illogical to think it is possible to fix Canada\u2019s housing crisis by denying millions of hardworking families the choice of how to sell their home and also pitting homeowners against buyers in some sort of competition.<\/p>\r\n\r\n\r\n\r\n

What this will do is negatively impact Canada\u2019s housing market and making home ownership even more unaffordable. Let\u2019s look at Australia and New Zealand that have much healthier housing markets and nowhere near the affordability and supply crisis that we do here in Canada. Open auctions are the norm there, with sellers much more often than not choosing to use the open bidding process.<\/p>\r\n\r\n\r\n\r\n

Why? Because it\u2019s better for everyone and is again a function of the market and its dynamics dictating purchaser behaviour. Auction fever creates its own reality with hopeful buyers crowding in front of a home with a live auctioneer, or online, and the bidding begins. This actually doesn\u2019t make homes more affordable \u2013 it can actually drive prices higher, and force buyers into making rushed decisions involving tens of thousands of dollars with the feeling that the window of opportunity to make a successful purchaser bid on the house is closing.<\/p>\r\n\r\n\r\n\r\n

We can also expect that the Liberal\u2019s \u2018Home Buyers Bill of Rights\u2019 will be predictably empty once it\u2019s opened up. It would include banning blind bidding, on the notion that having bidders not know the bids of other prospective buyers is somehow going to be helpful. We take no issue with the other part of it establishing a legal right to a home inspection and requiring real estate agents to disclose to all participants in a transaction.<\/p>\r\n\r\n\r\n\r\n

But changing the bidding process for the sake of mistakenly addressing the crisis at hand really doesn\u2019t make a whole lot of sense.<\/p>\r\n\r\n\r\n\r\n

Protect Consumer Choice & Buyer Means<\/strong><\/h3>\r\n\r\n\r\n\r\n

The smart general consensus in the industry is that consumer choice and consumer privacy should be always come first in government policy. Federal public policy is best when it recognizes the right that consumers have to privacy and allows them to consent to the disclosure of personal information. It\u2019s pretty simple to understand that this is better than penalizing home buyers and sellers. Punishing home buyers and sellers for wanting to keep their financial decisions private for the largest transaction of their lives is a real example of bureaucratic impropriety and there\u2019s really no debating that.<\/p>\r\n\r\n\r\n\r\n

However, some transparency can be helpful but there is a need to find a middle ground so that this doesn\u2019t benefit homebuyers entirely at the expense of the individuals selling the homes. It is possible to utilize our current regulated offer process but with tweaks that let Realtors share the top offer with the seller. This would go along with all participants being aware of the amount attached to the leading offer and giving each an opportunity to up their offer or decided it\u2019s time to bow out.<\/p>\r\n\r\n\r\n\r\n

But even more transparency won\u2019t solve Canada\u2019s housing affordability crisis or stop price growth. The real root factors being housing unaffordability in Canada are not being addressed.<\/p>\r\n\r\n\r\n\r\n

__<\/p>\r\n\r\n\r\n\r\n

Sign up for Real Estate Leads here<\/a> and receive a monthly quota of qualified, online-generated buyer and \/ or seller leads<\/a> that are delivered to only one realtor \u2013 you<\/strong>. You\u2019re also the only realtor to receive them, and they\u2019ll be leads for people living in the same area where you are a real estate professional and they\u2019re genuinely ready to make a move in the local market. It\u2019s a dynamite way to get more out of your client prospecting efforts to grow your real estate business and make more of a name for yourself.<\/p>\r\n","protected":false},"excerpt":{"rendered":"

The reason that residential real estate boards exist in major cities across Canada is to both protect consumers with home purchases and ensure integrity, professionalism, and transparency with members working as real estate agents in Canada. The second part of that should be fairly self-explanatory, but when we consider the first prerogative there we need […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-866","post","type-post","status-publish","format-standard","hentry","category-general-topics"],"yoast_head":"\nResidential Real Estate Boards Across Canada Oppose Proposed Changes - Real Estate Leads Blog<\/title>\n<meta name=\"description\" content=\"Residential Real Estate Boards Across Canada Oppose Proposed Changes - Real Estate Leads Blog\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.realestateleads.ca\/blog\/residential-real-estate-boards-across-canada-oppose-proposed-changes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Residential Real Estate Boards Across Canada Oppose Proposed Changes - 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