Review of blind-bidding in B.C. real estate to look at rules elsewhere | Vancouver Sun by Joanne Lee-Young
The provincial government is expected to study other real estate markets and their bidding practices — such as blind-bidding and automatic step-up clauses — before presenting new real estate legislation for B.C. this spring.
The Ministry of Finance said it will ask market and consumer experts to consider alternatives and how bidding practices work elsewhere.
During the federal election campaign, the governing Liberals talked about implementing a national ban on blind-bidding, whereby home sellers would have to tell buyers exactly what dollar amount competing offers were willing to pay, and the requirement would be tied to an amendment to the Criminal Code.
But the talk has given way to a realization that real estate regulation ultimately falls under the oversight of provinces and territories, which already have slightly different approaches.
On the possibility of changes to blind-bidding, the B.C. Ministry of Finance said it understands “people’s concerns about the process. It’s also important to note that it is a long-standing practice that is used across Canada.”
Review of blind-bidding in B.C. real estate to look at rules elsewhere | Vancouver Sun
