Ontario real estate agents seek increased transparency in home sales

Ontario real estate agents seek increased transparency in home sales

The group representing Ontario's real estate agents is considering urging the provincial government to allow a transparent bidding process for home sales as part of several proposals to improve the industry's ethics and reputation.

The Ontario Real Estate Association (OREA), which issued a discussion paper seeking input from its members on Thursday, has been promoting higher standards in light of concerns raised about unscrupulous practices in the province's overheated real estate market in recent years.

Advocates of bringing transparency to real estate say it would curb mistrust and prevent buyers from wildly overpaying. Under such a process, which would be optional, all prospective buyers would know what the other parties have offered, similar to an auction.

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