During the federal election in September last year, Canadian Prime Minister Justin Trudeau proposed that if he is elected, the Blind Bidding system will be abolished. As a result, the B.C. government has announced that it will eliminate the blind marking system next spring. Youtuber Ken’s video titled “The era of blind bidding is coming to an end” discusses how it will affect Vancouver’s housing market if the blind bidding system is really abolished.
What is Blind Bidding?
Blind bidding describes the situation where there’s more than one offer for a house that’s one sale, meaning that multiple buyers have expressed their interest, resulting in a bidding war. The house seller is not obligated to disclose the details of the bids they receive. When a buyer does not know what other buyers are bidding, he will blindly increase the price to try and secure the purchase before other interested parties get to it. From the buyer’s perspective, they may end up paying a much higher price; secondly, they may compromise on the the conditions they originally wanted to secure the deal.
The BC provincial government is currently canceling this blind bidding policy and adding a new policy called a “7-day cooling off period.” If you want to know why the government canceled and how the new policy – 7-day cooling-off period affects the Canadian housing market, you can watch the video.
Hope the above video of Ken Hu – Vancouver Realtor will help you learn more about Canada. If you are interested in immigrating to Canada, remember to watch the following Canada related information.
This article has been reproduced in text with the permission of the YouTube channel Ken Hu – 溫哥華地產經紀 .
Ken Hu – 溫哥華地產經紀 Information
This channel showcases property in Vancouver and shares important real estate information. Whether you are renting, buying, selling, or planning to move to Vancouver in the future, their information might prove helpful. Subscribe to keep up!.
Ken came to Vancouver from Taiwan in 1996. He has lived in Canada for more than 20 years. He graduated from the Department of Commerce of McMaster University and is currently a real estate agent in Vancouver. He has more than 5 years of experience in buying and selling real estate, and assisting more than 60 families to find their house. When he bought a house for the first time, Ken was unfamiliar with many things, and made many mistakes, so he hopes to share what he has learned since to help others. Ken has accumulated experience in various industries, having worked in banks, car dealers, service industries, the government and online marketing companies.
Canada investment information:
- Canadian Taxes | The tax facts you need to know before moving to Canada
- Canada Investment | What do Hong Kong investors need to know when they invest in Canada?
The Canada local information:
Property investment is a long-term game and planning is the key. Watch more videos for a better decision!
To receive more property information relating to the UK, Canada and Hong Kong, sign up to our newsletter at the bottom of this page.
Follow us on:
👉 Facebook: https://www.facebook.com/Denzity-110540191579297
👉 Instagram: https://www.instagram.com/denzity_io_global/