Local realtors association not happy with parts of proposed Liberal housing plan
The Windsor-Essex County Association of Realtors is sounding the alarm on a possible change to the way homes are sold.
Association president Damon Winney says, if elected, the federal Liberals are proposing the elimination of the current offer process to be replaced by an open auction format.
Winney is worried the move could drive home prices up even further as auction-style bidding often gets out of hand while also putting more stress on the seller and buyer.
"We're firm believers in having supply and demand fairly balanced. At the moment, we've got a supply side issue and that's really the crux of what's driving prices higher and higher and giving new entrants into the market what I would consider to be a tough time."
He says sellers should have the choice to sell their property any way they like.
"The consumer needs to have the choice of which ever option they want to go with. I think this would be a temporary band-aid by mandating people to take one particular course of action when selling the largest asset that they potentially own. So I believe in choice."
While auctions can be exciting, Winney says it's no way to buy a home.
"You've probably seen it online, they've got shows on TV. It looks exciting, people are lined up on somebody's front lawn and it looks fairly passionate at times. I think in the heat of the moment we can make a rapid decision out there on somebody's front lawn potentially."
Winney says this is not an attack on the Liberals as the association doesn't endorse any one party, but rather a public service announcement for future home buyers and sellers.
The federal Liberal Party announced its housing plan to curb the rising cost of residential properties last week.