Auction process won’t help climbing home prices: Ontario Real Estate Association

WINDSOR, ONT. – The Ontario Real Estate Association says home buyers are right to be concerned about rising prices, but an auction process won’t help.

OREA argues that in countries where auctions are common, prices have actually increased 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 problem is not enough to meet current demand, resulting in multiple offers and higher prices.

“What we are finding is more broker education, more training, and more education,” said Goran Todorovic, Team Goran Remax Care Realty. “This is import because the bottom line is that the needs of buyers and sellers go beyond those of everyone else and home ownership is extremely important.

The association would like improved financing options, especially for first-time home buyers.

Right now, the median sales price for a home in Windsor is just over $ 570,000.