The Canadian Real Estate Association (CREA) released a huge announcement on April 6, 2022—and it’s a game-changer for the housing market. A pilot project is in the works for Canadian real estate consumers to have complete transparency on real-time offers listed on REALTOR.ca—a first in Canadian real estate history.
Australian Property tech company, Openn Negotiation, is partnering with REALTOR.ca to provide consumers with a revolutionary offer management experience. With Openn Offers, Canadians will have access to real-time tracking of offers through the REALTOR.ca portal. So what does this mean for Canadian home buyers and sellers? Here’s what the Executive Director and President of Openn North America, Duncan Anderson, had to say about this ground-breaking software:
“Through over six years of development, execution, and innovation in the Australian market, we’ve proven that both the real estate professional and consumer greatly benefit from enhanced transparency. We’re thrilled to partner with CREA to introduce Openn Offers to the Canadian marketplace.”
The Canadian Real Estate Association fully supports Canadians through their home buying/selling journey by offering research tools on their website REALTOR.ca. The pilot project, set to start in select markets across Canada this summer, is an additional tool for giving consumers more information regarding their potential purchase and further enhancing their confidence in the home buying and selling experience through REALTOR.ca.
CEO Jeff King of the Real Estate Board of Greater Vancouver says, “This opportunity is well-timed and well-suited for our market. We’re excited to participate in a by REALTORS® for REALTORS® solution that provides equality of access to information and facilitates increased transparency for the consumer.”
Consumers rely on and trust transparent features like having full access to transaction history—including multimedia, sold data, REALTOR® ratings and reviews, and market and neighborhood intelligence. Openn Offers is another data point to ensure trust, confidence, and complete transparency across the real estate market.
“Multiple offer scenarios have become increasingly common in today’s real estate environment. As a result, Canadian property buyers and sellers seek greater confidence in the process, while Canadian REALTORS® seek tools to enable and more easily manage these situations. We’re very excited about the pilot’s potential to address both.” —CREA’s Chief Executive Officer, Michael Bourque.
What Could This Mean For the Real Estate Industry?
The CREA is mindful of what consumers want in the home buying/selling process. By offering consumers full transparency, they’re essentially putting an end to the age-old blind bidding process and strengthening protection for homebuyers.
The open bidding process has worked well in Australia, where tech company Openn Negotiation is based—but is it really an end to bidding wars? This auction-style bidding can still quickly turn into a bidding war as competitors try to outdo each other with higher offers. A study comparing open bidding vs. blind bidding in property auctions in Singapore found that open bidding actually led to higher selling prices.
As it currently stands, the rules for Canadian homebuyers bidding on properties vary from province to province. For example, in Ontario, buyers are entitled to know how many competing offers stand on a property, but buyers in BC aren’t privileged with that information.
With the rollout of Openn Offers in Canada this summer, potential buyers have full access to knowing how many buyers they’re competing with, the ability to track negotiations 24/7, and real-time notifications of any bids or offers.
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My approach is simple—I put you first. I believe in open communication, total transparency, and meaningful results. I’ll guide you through the real estate process, market values, and always keep the focus on you—and your needs.