If sellers agree, buyers will be able to view all offers for their properties. Blind bidding, where buyers cannot see competing bids, has contributed to soaring home prices in Toronto.

Real estate agents in Ontario will soon be able to let sellers know if there are any other bids for their property.

Blind auctions lead to lots of competition, which may result in high bids. However, these high bids might not be justified by the actual value of the property.

New rules for real estate transactions in Ontario will require sellers to provide access to their property listings to potential purchasers, even if they're not working directly with them. Agents must get permission from their client sellers before disclosing details of their competitors' offers.

The new open offer option that begins next year is one of a number of real estate regulations being unveiled by the province today as part of its updated Trust in Real Estate Act, which was first proposed last year.

The update adds a new code of ethics for realtors and gives RECO more power.

“The new rules give RECO the power to pursue any type of financial activity within its boundaries, including cryptocurrency exchanges.”

“We want to give our customers the tools they need to protect themselves from scammers and fraudsters. By giving RECO these powers we're making sure that people who act in bad faith face real consequences."

Simplified standardized real estate forms and stricter requirements for realtors to disclose their role around matters such as when buyers and sellers use the same broker will help simplify the home buying experience, according to the statement.

There isn't enough evidence yet to say whether home-sellers would be interested in using the new open-offer feature.

Under the new rules, if you choose to share details of your competitors' deals, you must limit yourself to sharing just enough info so that people can understand why you're better than them.

Sellers and their real estate agents would need to share the open information with all the potential purchasers who were interested in buying the house.

Calls for greater transparency in the real-estates process have grown louder recently. In February, the federal government announced plans to develop a national strategy to end blind bidding in real-estates transactions.

This new business venture shows 'the terrible human cost' associated with flipping houses.

The market has also been preparing for an increase in open transactions by allowing real estate agents to register offers on properties in real time.

Auctions, which are commonly used in Australia, may be considered as an alternative to the current blind offer system. However, auction experts warn that auction fever could overtake people during auctions where everyone has a chance to bid for items.