CP24 - Toronto News | Breaking News Headlines | Weather, Traffic, Sports
Ontario realtors advise government to end so-called 'bully' offers
Shawn Jeffords, The Canadian Press
Published Monday, April 8, 2019 6:00AM EDT
Last Updated Monday, April 8, 2019 10:32AM EDT
TORONTO - Ontario's realtors say the province should ban so-called “bully” offers that they say give some home buyers an unfair advantage.
Ontario Real Estate Association President Karen Cox says the government should use its current review of the act that governs realtors in the province to bar the practice.
So-called “bully” offers are submitted by a buyer ahead of a seller's established offer date, a move usually made to avoid competing with other buyers and pressure the seller into accepting the bid.
Cox says banning the practice will ensure all interested buyers are able to make a fair offer on a home and allow sellers to carefully consider all bids.
The recommendation is one of 28 submitted by the association - which represents 78,000 brokers and salespeople - to the government as it reviews the Real Estate and Business Brokers Act.
Last fall, realtors asked the province to review the act - which was put in place in 2002 - saying the legislation needed to be updated to allow for more transparency for buyers and sellers.