Auction process won’t help climbing home prices: Ontario Real Estate Association
A home for sale sign is shown in a Toronto west end neighbourhood May 8, 2020. (THE CANADIAN PRESS / Graeme Roy)
WINDSOR, ONT. -- The Ontario Real Estate Association says home buyers are rightly concerned about rising prices, but an auction process won’t help.
OREA argues in jurisdictions where auctions are common, prices have actually risen as “auction fever” leads to higher bids.
The association says auctions could also mean buyers would have to share private information during the auction.
They believe the bigger issue is not enough supply to meet the current demand, which leads to multiple offers and higher prices.
“What we find what the issue is more education required for realtors, more training and more education,” Goran Todorovic, Team Goran Remax Care Realty said. “That’s importation because the bottom line is buyers and sellers needs come above and beyond everybody else’s and home ownership is extremely important.
The association would like to see improved financing options, especially for first time home buyers.
Currently, the average selling price of a home in Windsor is just over $570,000.