How to shop for a new home at the Sams Club auction site
- by admin
Toronto real estate agents will be in a unique position when it comes to bidding for the next big home.
For the first time in a decade, they’ll be allowed to do so, at the price of $5 million.
The new rules are part of a broader effort to crack down on “bidders with high-end real estate values” and will apply to any home listed for sale at the Toronto Sotheby’s International Realty auction house.
“The fact that we’re allowing agents to bid on this is a good sign that the city is trying to bring some order to the market,” said Dan Kelly, the executive director of the Canadian Real Estate Association.
“You see agents with high market value and you see buyers with a lower price tag.”
The rules, announced Wednesday by the city, will allow agents to make up to $5,000 of the bid price and up to 40 per cent of the purchase price.
Agents will also be allowed, in theory, to negotiate a lower bid price.
“We want to encourage everyone to participate in the process and to be in the game,” Kelly said.
“And to encourage bidding.”
The new restrictions will be put into effect Oct. 17, the day before the upcoming MLS All-Star game.
That will be the first MLS game held in Canada since the 2010-11 season, when Toronto hosted the Vancouver Whitecaps and Montreal Impact.
The game will take place in a stadium that’s home to the MLS Allsvenskan, the governing body for professional soccer in Europe.
The league, which started playing in 1994, will play its first game in Canada this summer, and the league is already planning to host an MLS Allstar game in 2018 in Edmonton, Alberta.
The city has also announced that the league will hold its inaugural season in 2019 in Ottawa.
The MLS Allstars are supposed to take place between the first and second games of the regular season.
Toronto real estate agents will be in a unique position when it comes to bidding for the next big home.For…
- Chevy says it will scrap ‘Polaris’ minivan as it ramps up production of the Chevy Bolt 2 sedan
- What the car auction site is really for: Dealers or car buyers?
- Auctions go live at the Garrard auction house
- Rebel Auction, Rapper’s ‘Sugar High’ Auction, Auctioned Off With Auction of ‘Mozart in the Jungle’ title Rebel auction, Rappers ‘Sugaree’ Auction Sell for $3.5 Million at Rikers Island
- How to buy an auction house in Australia