On this podcast, episode 147, Adrian and Ariel talk about Justin Trudeau’s New Real Estate policies to try and win back voters. These policies include making open bidding mandatory, curbing the practice of “flipping” homes, and blocking foreign nationals from buying homes.
In the overheated markets of last year and early this year, this can lead to circumstances where bidders are bidding tens of thousands, if not hundreds of thousands, of dollars more than the asking price, and possibly much more than was required to win.
The Liberals are proposing a housing “bill of rights” that would make it illegal to participate in so-called “blind bidding” situations, in which potential property buyers are given one chance to submit a bid without knowing about the other offers.
Some in the real estate business are slamming the Liberal plan, while others believe it is long overdue. The Ontario Real Estate Association is on the opposing side.
All of that and more on KT Confidential – Real Estate Podcast.
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Episode Breakdown:
00:00 – Intro
3:30 – Blind bidding to Open Bidding
6:06 – Open Bidding on EBAY
8:14 – Pros and Cons of Open & Closed bidding
9:22 – Auctioning Real Estate
12:01 – Mandated Open Bidding
14:45 – Open Bidding options on Ebay
21:47 – Foreign investors banned from purchasing Canadian real estate
27:24 – Taxing changes
33:09 – Hypothetical Government-owned rental property
35:33 – Outro
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Watch the previous episode here:
E 146
Catch clips and highlights of the show here:
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The founders, Ariel Kormendy and Adrian Trott, started The Kormendy Trott Team, a real estate team based out of Halton region in Ontario, after both being in need of a change from their successful careers in the automotive industry and both experiencing the lack of service being provided in the real estate industry. They kicked off their careers in 2011 and quickly became a top-performing team in the country, ranking 17th of approximately 200 for Century 21 in 2017; as a team of just the two of them compared to much larger teams. They decided that they needed to take their team from being real estate agents in Milton to the rest of the GTA and beyond by expanding and servicing more areas. The team has since grown to have an administrative arm, media department and successful sales team operating a smooth running and successful business. Follow them on social for behind the scenes info, real estate tips, industry secrets and more.
