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Canada Is About to Auction Off All Of Its Real Estate

The Federal Government of Canada has made their intention known that Canada’s real estate system will be moving to an open auction system, eliminating the current blind bidding structure in favour of an open bidding system similar to that in Australia. While this change is not likely to make Canadian real estate any more affordable, it will increase transparency in the home buying process.

Recently the Canadian Real Estate Association (CREA) announced a pilot project with Australian company, Openn Negotiation to display real-time offer tracking on REALTOR.ca in select Canadian markets beginning this summer.

In this video, Surrey Real Estate Specialist Steve Karrasch of Macdonald Realty walks through the Openn website, in an effort to understand what CREA’s pilot project might look like and what new information a buyer may have access to under an open bid system.

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If you are looking for help or have any questions regarding real estate in Surrey, B.C. or the Fraser Valley, please reach out below using which ever way is most convenient. We also service real estate sales in Langley, Delta, White Rock, Abbotsford, Mission, and more Greater Vancouver Cities.

Book time with Steve
call or text: 604-549-5828
email: steve@krproperties.ca

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