Lower Mainland real estate boards introduce disclosure form for multiple offer situations
An upcoming change by real estate boards in Metro Vancouver and the Fraser Valley promises to bring slightly more transparency to bidding wars over properties in the region.
Beginning on July 17, the Real Estate Board of Greater Vancouver, the Fraser Valley Real Estate Board and the Chilliwack and District Real Estate Board will implement a disclosure form that must be completed in cases when there are multiple offers for a property.
The "Disclosure of Multiple Offers Presented Form" will list the offers that a seller received and the brokerage of record that submitted them. What it won't include, however, is the amount offered or any conditions that came with it.
The selling Realtor and homeowner will be required to sign the form and share it with everyone who submitted an offer "no later than one calendar day" after the seller accepts an offer.
In a statement announcing the new form, the real estate boards said it seeks to balance buyers' rights to transparency and disclosure with sellers' rights to privacy.
“This new form will help confirm and bring comfort to prospective home buyers in the region that every offer was fairly presented and considered in the process,” said Jeff King, CEO of the REBGV, in the statement.
“The real estate profession believes that this change will help inform the public and build greater trust in the real estate transaction process – specifically in instances when competition and emotion run highest.”
According to the real estate boards, the lack of disclosure of price or conditions in the form is intended "to protect a home seller's negotiating position" if an accepted offer falls through.
Bidding wars have been a common feature of the real estate market in Metro Vancouver and the Fraser Valley for years, and the boards say limited supply and increasing prices mean multiple offer situations "are becoming more prevalent."
“The implementation of this new disclosure is the result of considerable research and discussion by a committee of brokers and Realtors since the record-breaking market activity we experienced during the pandemic,” said Baldev Gill, CEO of the FVREB, in the statement.
“By providing a record of the number of offers received, this change aims to increase buyers’ confidence in the process by demonstrating that their offers are always presented and considered by the seller.”
CTVNews.ca Top Stories
BREAKING
BREAKING Another suspect arrested in Toronto Pearson airport gold heist: police
Police say another suspect is in custody in connection with the gold heist at Toronto Pearson International Airport last year.
Why these immigrants to Canada say they're thinking about leaving, or have already moved on
For some immigrants, their dreams of permanently settling in Canada have taken an unexpected twist.
Trump hush money trial: Play-by-play on Day 2 of Stormy Daniels testimony
Adult film star Stormy Daniels took the stand for a second time Thursday as former U.S. president Donald Trump's hush money case continues in Manhattan.
Ontario family receives massive hospital bill as part of LTC law, refuses to pay
A southwestern Ontario woman has received an $8,400 bill from a hospital in Windsor, Ont., after she refused to put her mother in a nursing home she hated -- and she says she has no intention of paying it.
Here are the ultraprocessed foods you most need to avoid, according to a 30-year study
Studies have shown that ultraprocessed foods can have a detrimental impact on health. But 30 years of research show they don’t all have the same impact.
Miss Teen USA steps down just days after Miss USA's resignation
Miss Teen USA resigned Wednesday, sending further shock waves through the pageant community just days after Miss USA said she would relinquish her crown.
Cyclist strikes child crossing the street to catch school bus in Montreal
A video circulating on social media of a young girl being hit by a bike has some calling for better safety and more caution when designing bike lanes in the city. The video shows a four-year-old girl crossing Jeanne-Mance Street in Montreal's Plateau neighbourhood to get on a school bus stopped on the opposite side of the street
B.C. wildfires likely to spread with weekend temperatures expected to soar, province says
Wildfire and emergency management officials in British Columbia are urging residents to be prepared for increased fire activity as temperatures are expected to soar above 30 C in parts of the province this weekend.
Wilfrid Laurier football player drafted despite only playing 27 games in his entire life
A Listowel, Ont. man, drafted by the Hamilton Tigercats last week, is also getting looks from the NFL, despite only playing 27 games of football in his life.
Shopping Trends
The Shopping Trends team is independent of the journalists at CTV News. We may earn a commission when you use our links to shop. Read about us.
Vancouver Island
-
B.C. wildfires likely to spread with weekend temperatures expected to soar, province says
Wildfire and emergency management officials in British Columbia are urging residents to be prepared for increased fire activity as temperatures are expected to soar above 30 C in parts of the province this weekend.
-
Galápagos Islands mail mystery solved after phone call from stranger
When Sherry Kirkvold played the voicemail message from a stranger – which began with, “Hi. This is kind of a random message for you. This one’s been a while.” – she couldn’t have been more surprised.
-
'Sophisticated' cyberattacks detected on B.C. government networks, premier says
There has been a "sophisticated" cybersecurity breach detected on B.C. government networks, Premier David Eby confirmed Wednesday evening.
Kelowna
-
Kamloops RCMP issue public warning about 2 men allegedly at centre of 'organized crime conflict'
After four targeted shootings in four days, Mounties in Kamloops are taking the unusual step of warning the public about two men they believe are likely to be targeted in future violent incidents.
-
Community mourns thousands of fish lost as B.C. drought risk looms again
Images of steelhead and trout flicker over long sheets of paper, brought to life in blue and green crayon rubbings by the thousands.
-
4th targeted shooting in as many days in Kamloops: RCMP
A man was taken to hospital with non-life-threatening injuries after a shooting in Kamloops Monday evening, the fourth incident police say is part of an ongoing drug conflict playing out on the city's streets.
Edmonton
-
Zach Hyman gifts signed Oilers jersey to 'Shaq Hyman'
Edmonton Oilers forward Zach Hyman gifted a signed #18 jersey to NBA legend Shaquille O'Neal.
-
Grande Prairie region under fire ban heading into expected dry, windy weekend
A fire ban has been reinstated in the Grande Prairie Forest Area, where the fire risk is highest in Alberta as temperatures climb.
-
2nd-degree murder charge laid in death of Leduc senior
RCMP in Leduc have laid charges after the death of a senior in the community.
Calgary
-
Calgary police release sketch of man found dead near Bow River
Calgary police have released the composite sketch of a man found dead near the Bow River in March in hopes it will assist the public in identifying him.
-
Firebirds outgun the Wranglers 7-5 in AHL playoff barn burner
A third period double-minor penalty proved to be the Calgary Wranglers’ undoing Wednesday night as they lost to the Coachella Valley Firebirds 7-5 in Game 3 of their best-of-five AHL playoff series.
-
WHL 'exceptional status' player Landon Dupont selected first overall
The Western Hockey League (WHL) draft is underway and an "exceptional" 14-year-old player has been selected first overall.
Lethbridge
-
Four arrested in drug bust in Medicine Hat, Alta.
Four people are facing a series of charges following a drug bust in Medicine Hat last month.
-
Lethbridge police seek suspects after $4,000 in sunglasses stolen
Lethbridge police are looking for a pair of suspects they say took $4,000 worth of sunglasses from a local business.
-
Brooks Bandits getting ready for BCHL Alberta division finals
It took seven games, but the Brooks Bandits were able to knock off the Okotoks Oilers in the BCHL Alberta division semi-finals. After a hard-fought series, the Bandits are feeling battle-tested.
Winnipeg
-
Winnipeg police testify about the search for remains during second day of Skibicki trial
A veteran Winnipeg police officer took the stand Thursday in the ongoing trial of an alleged serial killer, recounting upsetting details about the discovery of human remains and a search of the accused’s home.
-
Last-ditch effort to keep St. Boniface pool open voted down by city committee
A last-ditch effort to keep a St. Boniface pool open for another year may have gone down the drain for good.
-
Fire forcing Manitoba high school students to finish year off-site
A major fire is forcing students at a southern Manitoba high school to finish the school year off-site.
Regina
-
Sask. education minister says teachers' vote results could lengthen school year
Saskatchewan's education minister is being accused of trying to influence a teachers vote after saying he's not ruling out extending the school year should educators reject his offer and take job action.
-
Regina police hope new biometric monitoring system will save lives in detention facility
The Regina Police Service says it is the first in Saskatchewan and possibly Canada to implement new technology in its detention facility that will offer real-time monitoring of detainees’ vital health metrics.
-
Here's a complete timeline of the Saskatchewan teachers labour dispute
The dispute between Saskatchewan educators and the province is rapidly approaching one year in length. It's a fight that's seen a war of words waged over social media, teachers battling extreme cold on the picket line and massive disruptions for the province's student population.
Saskatoon
-
'Hours, not days': Concerns grow around accuracy of THC roadside testing in Sask.
Concern is growing around roadside THC testing, cannabis use and driving in Saskatchewan.
-
Sask. education minister says teachers' vote results could lengthen school year
Saskatchewan's education minister is being accused of trying to influence a teachers vote after saying he's not ruling out extending the school year should educators reject his offer and take job action.
-
Spike in drug overdoses in Prince Albert makes police alert people
The Prince Albert Police Service (PAPS) is raising the alarm after a concerning number of suspected drug overdoses in the city.
Toronto
-
BREAKING
BREAKING Another suspect arrested in Toronto Pearson airport gold heist: police
Police say another suspect is in custody in connection with the gold heist at Toronto Pearson International Airport last year.
-
BREAKING
BREAKING Sheldon Keefe out as head coach of Toronto Maple Leafs
The Toronto Maple Leafs have fired head coach Sheldon Keefe. The team made the announcement Thursday after the Original Six franchise lost to the Boston Bruins in seven games in the first round of the Stanley Cup playoffs.
-
'Completely unworthy of belief': Toronto cop who stole credit cards, luxury watch from the dead found guilty
A veteran Toronto police officer was found guilty this week of stealing credit cards and a $6,500 watch from the deceased individuals he was tasked with investigating.
Montreal
-
Cyclist strikes child crossing the street to catch school bus in Montreal
A video circulating on social media of a young girl being hit by a bike has some calling for better safety and more caution when designing bike lanes in the city. The video shows a four-year-old girl crossing Jeanne-Mance Street in Montreal's Plateau neighbourhood to get on a school bus stopped on the opposite side of the street
-
Man accused of killing two children at Quebec daycare to stand trial in April 2025
The man accused of murdering two children and injuring six others after a city bus crashed into a Montreal-area daycare is scheduled to stand trial over five weeks beginning in April 2025.
-
Highway 15 collision leaves 1 man dead north of Montreal
An early morning collision on Highway 15 has left one man dead north of Montreal.
Ottawa
-
BREAKINGBREAKING Critical injuries to 7 people in Sharbot Lake, Ont. crash
Ontario Provincial Police say seven people have suffered severe injuries in a single-vehicle crash in Sharbot Lake, Ont.
-
Ottawa police looking to identify suspect involved with assault in Chinatown
The Ottawa Police Service is asking the public for help in identifying a suspect involved with an assault that happened in Chinatown earlier this month.
-
This Ottawa ward has the most complaints about rats so far in 2024
Bylaw and Regulatory Services received 119 service requests for rats on private property so far in 2024, after receiving 779 service requests in 2023.
Atlantic
-
36-year-old man has died after shooting in North Preston, N.S.
A 36-year-old Westphal, N.S., man has died after a shooting in North Preston Wednesday night.
-
Trucker's body found in trailer in Newfoundland after failed police search in Ontario
Ontario Provincial Police are facing tough questions about their search for a missing Newfoundland trucker whose rig was found two weeks ago in Ontario, then sent back to Newfoundland, where his body was found Monday in the trailer.
-
Lack of parking, high traffic keeping some Halifax-area residents away from downtown core: study
A lack of parking, high traffic volumes, affordability and construction are the main reasons some Halifax Regional Municipality (HRM) residents are staying away from the city's downtown core, according to a recent study.
London
-
Josh Morgan announces separation from his wife
London Mayor Josh Morgan has announced the separation between him and his wife Melanie.
-
OPP searching for three masked suspects after stabbing in Norwich
One person suffered non life-threatening injuries following a stabbing Wednesday night in Norwich.
-
Wilfrid Laurier football player drafted despite only playing 27 games in his entire life
A Listowel, Ont. man, drafted by the Hamilton Tigercats last week, is also getting looks from the NFL, despite only playing 27 games of football in his life.
Kitchener
-
Wilfrid Laurier football player drafted despite only playing 27 games in his entire life
A Listowel, Ont. man, drafted by the Hamilton Tigercats last week, is also getting looks from the NFL, despite only playing 27 games of football in his life.
-
Long-time CKCO personality, Janine Grespan, dies at 63
A broadcaster familiar to many CTV News watchers has died at the age of 63.
-
Cambridge withdraws encampment eviction notices
A resolution has been reached over evictions at a Cambridge, Ont. encampment.
Northern Ontario
-
Skeletal remains found in Sudbury identified man missing since 2013
Sudbury police say they have identified the skeletal remains found last week in a wood area of Chelmsford and that no foul play was involved.
-
Here are the ultraprocessed foods you most need to avoid, according to a 30-year study
Studies have shown that ultraprocessed foods can have a detrimental impact on health. But 30 years of research show they don’t all have the same impact.
-
BREAKING
BREAKING Sheldon Keefe out as head coach of Toronto Maple Leafs
The Toronto Maple Leafs have fired head coach Sheldon Keefe. The team made the announcement Thursday after the Original Six franchise lost to the Boston Bruins in seven games in the first round of the Stanley Cup playoffs.
N.L.
-
Trucker's body found in trailer in Newfoundland after failed police search in Ontario
Ontario Provincial Police are facing tough questions about their search for a missing Newfoundland trucker whose rig was found two weeks ago in Ontario, then sent back to Newfoundland, where his body was found Monday in the trailer.
-
Crown, defence present closing arguments for N.L. lawyer accused of sexual assault
The trial of a Newfoundland lawyer accused of sexual assault ended Tuesday with his defence team alleging the complainant lied under oath, while the prosecution said her memory lapses were understandable.
-
Newfoundland and Labrador latest province to tighten rules on Airbnbs
Newfoundland and Labrador is the latest jurisdiction to bring in stricter rules for short-term rentals, with a coming set of regulations that will force operators to register with the provincial government.
