When will Ottawa end blind bidding? Still no timeline for Home Buyers’ Bill of Rights – National | 24CA News
Nine months after the federal Liberal authorities introduced plans to finish blind bidding and “unfair practices” within the Canadian housing market, there’s nonetheless no timeline on when a Home Buyers’ Bill of Rights will likely be tabled within the House of Commons.
The Liberals unveiled plans for the invoice of rights within the 2022 federal funds final April in an effort to “make the process of buying a home more open, transparent, and fair,” in keeping with the doc.
The proposed invoice would come with a nationwide plan to finish “blind bidding,” a follow in actual property the place potential consumers make bids with no view of competing affords.
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Some actual property specialists level to the follow as driving inflated residence costs, whereas others defend the method as giving Canadians the best to promote their properties as they see match.
Other potential adjustments underneath a proposed invoice of rights embrace guaranteeing the best to an inspection earlier than a deal closes and transparency on earlier buy costs, in keeping with the 2022 funds.
In April, the federal authorities put apart $5 million over two years for the Canada Mortgage and Housing Corp. to discover plans for the invoice.
Global News requested for an replace on when the invoice will likely be launched, however a spokesperson for Housing Minister Ahmed Hussen didn’t present a particular timeline for the rollout of the Home Buyers’ Bill of Rights.
Instead, the spokesperson reiterated that the federal government is “committed to engage” with provinces and territories on the event of such a invoice, citing its jurisdiction to craft its personal guidelines governing the housing market.
“While the regulation of real estate practices falls primarily under the jurisdiction of the provinces and territories, we are committed to doing our part to make the process of buying a home more open, transparent, and fair across the country,” Hussen’s spokesperson mentioned in an announcement.
Hussen’s workplace mentioned the federal authorities held conferences twice with provincial and territorial counterparts this previous 12 months to debate housing points such because the invoice of rights.
“We look forward to building on these fruitful discussions and will provide more information as this work progresses and details become available,” his spokesperson mentioned.
Some provinces have seemed on the blind bidding query independently of the federal authorities. Ontario will make the follow elective for sellers beginning April 1, 2023, as a part of greater reform by way of the Trust in Real Estate Services Act.
— with recordsdata from The Canadian Press
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