Real Estate Council aims to ease bidding wars
Real Estate Council of Ontario has launched a new public education campaign aimed at curbing bidding wars by warning buyers not to be overly influenced by emotion when purchasing a home. The regulatory body has no plans, however, to probe whether the practices of the realtors it regulates are contributing to the escalating problem of bidding wars, especially in the Toronto market, says RECO registrar Joe Richer. Such practices include the drastic underpricing of properties to draw bigger crowds, and holding back considering offers for six to eight days. Increasingly frustrated, angry buyers complain those tactics are leaving them further disadvantaged in the face of a sellers’ market compounded by sales listings that have fallen far short of demand.
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Source: Toronto Star , CREA