Stop me if this sounds familiar: You scour MLS for the semi that will rescue you from a life in a high-rise. Mortgage pre-approval in place, you bid well above asking, because you live in Toronto and that’s how it works. The selling agent comes back and says there’s another stronger bid, and couldn’t you do a bit more? You swallow hard and cough up another $10,000, sealing the deal, and only later wondering if there really was a competing offer in the first place.
It’s tough to know how often this happens, but with interest rates still rock-bottom and bidding wars turning post-war bungalows into million-dollar properties, the Ontario government is bringing in new rules to crack down on unethical real estate agents that try to pump up housing prices with “phantom” offers.
“It’s all in the context of these bidding wars, and the idea is a potential buyer knowing ‘am I in competition, and how many people am I in competition with?’” says Bruce Matthews, deputy registrar of the Real EstateRead More »from New Ontario real estate rules to take some of the nuttiness out of bidding wars