REALTORS® continue to advocate for increased housing supply and breaking the barriers of homeownership for all Canadians, especially the younger demographic. So when Liberal Leader Justin Trudeau announced his party’s housing plan, we were pleased to see homeownership as a key focus of their campaign; with a plan that will: Unlock Home Ownership, Build More Homes, and Protect Your Rights.
Their housing plan includes the creation of a Home Buyers Bill of Rights with the intention to ensure the process of buying a home is fair, open, and transparent. This however includes a ban on blind bidding, which prevents bidders from knowing the bids of other prospective buyers, and ultimately drives up home prices – this does not address a lack of housing supply and should be concerning for new homebuyers and homeowners alike.
CREA weighed in on the matter with a statement saying, ”Canadians have the right to choose how they want to transact what is likely the largest purchase of their lives. The proposed banning of blind bidding removes the ability for Canadian homeowners to sell their home the way they want.”
OREA also released a statement saying, “You cannot fix Canada’s housing crisis by denying millions of hardworking families the choice of how to sell their home and by pitting homeowners against buyers. In fact, this plan would have the opposite effect – negatively impacting Canada’s housing market and making homeownership even more unaffordable.”
Increased housing prices and limited new listings and new homes in Ontario is concerning, we agree – however, transactions done entirely through their proposed approach of auctions drive prices higher and dangerously push buyers to make rushed decisions.
For more information, visit https://realideas.ca/ for CREA’s ideas to make homeownership a top priority for all political parties.
CREA Statement: https://www.crea.ca/news/banning-blind-bidding-does-not-address-a-lack-of-housing-supply/
OREA Statement: https://www.orea.com/News-and-Events/News-and-Press-Releases/Press-Releases/August-24-2021