Homebuyers in Ontario will soon have new protections against phantom bids, a practice used by some unscrupulous real estate agents to try to drive up the price of homes.
Agents may hint they've received competing offers when they haven't, in order to spook potential buyers into raising their offers or rushing into a deal.
As of July 1, agents will no longer be allowed to imply they'e received an offer unless it's in writing and has been signed.
They will also be required to keep records of all of the offers they'e received on file for one year.
(TBT News)
