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You can see other videos from our team by tapping here. Some people believe that most Canadians prefer blind bidding status quo, and they now have some data to back it up, so you can try refreshing your browser, or The federal government has proposed limiting or banning the practice. According to the Ontario Real Estate Association OREA, 60 percent of Ontarians believe that homeowners have a right to sell their home by whatever method they feel is the best way to sell their home. Tim Hudak, OREA's chief executive, opposes the idea of denying millions of hardworking families the choice of how to sell their home by banning the traditional offer process or blind bidding. A deeper dive into the data shows more nuanced results, where most Ontarians support the rights of buyers and sellers alike.
87 per cent of respondents believe that homeowners should be able to sell their homes however they feel is the best for them, but 77 per cent also support the idea that potential buyers should be able to know what offers have been made on a home before they bid. Two clear messages emerge from the OREA survey. Ontarians support the sellers right to decide how and to whom they sell their property. They do not favor sellers over buyers, and they overwhelmingly support transparency in the bidding process. Let's look deeper into the survey of 1,500 Ontarian adults, conducted by Abacus Data in early May. It is important to note that the data was weighted to match Ontario's population for age, gender, educational attainment and location.
One would have assumed that the preferences of homeowners and renters would differ on how homes are bought and sold. The survey shows similar responses by both groups. 91 per cent of homeowners believe that it is a good idea, a good idea or an acceptable idea that homeowners should decide the method of sale for their benefit, while 83 per cent of renters support the idea. Why do renters prefer bid transparency more than homeowners? 76 per cent of homeowners and 77 per cent of renters favor the idea that all potential buyers should know what others have offered before they bid, according to the survey. Who is not as enthusiastic about bid transparency? Those who believe the Ontario government should give a low priority to housing affordability.
The survey also revealed that most homeowners and renters disapprove of the idea of having to sell their homes to the highest bidder at an auction. The answers were similar across the political spectrum, with most of those who voted for the three major parties in the last Ontario election opposing the idea of restricting homeowners' choices in auctions. The results suggest that there is a balance between buyer and seller rights. Most Ontarians support the buyers right to sell their properties as they see fit, but most also support bid transparency to let buyers know what others have offered before they bid. The real estate industry and governments should pay attention to what voters are telling them: don't just protect the rights of sellers, buyers rights are equally important. Murtaza Haider is a professor of real estate management and director of the Urban Analytics Institute at Toronto Metropolitan University. Stephen Moranis is a real estate industry veteran. They can be reached at the Haider-Moranis Bulletin website, www.hmbulletin. com.