It seems that the housing market is getting another shake up.
The province is going to change some of the rules and regulations around closed bidding for sellers.
Right now, the system accepts offers are presented blindly to the seller, and the buyers don’t know any information on other offers for the same property.
There are other regulatory changes coming into effect next April that include more standardized forms and powers to Ontario’s regulatory real estate body.
The median sale price for single detached homes sold in Thunder Bay last month was a record $366,900. That’s up by 26% from last March.
Homes have been sitting on the market for an average of 10 days.
Last month the average home in Ontario cost $1.05 million according to The Canadian Real Estate Association; that’s up by almost 19 per cent from last March.