Online Real Estate Auction Attracts Attention of Ontarians for Open Bidding Process

NEWMARKET, ON, June 22, 2022 – In less than one year, Ontarians across the province will move to government rules that introduce a more open bidding process on real estate transactions. Domus Optima Co. Ltd., a Newmarket-based real estate auction house has jumped ahead and ended blind-bidding on property listings thanks to the newly launched Domus Optima Real Estate Auctions site which recently saw bidding activity on its first listing close. 

Domus Optima Real Estate Auctions hosted Stonehaven property auction took place over the course of 10 days. The listing attracted several interested parties. Each party was able to keep up to date with auction bids in real-time. As with a traditional property listing, the seller was able to have a minimum price (reserve) that they would accept for their property. At this time the auctioned property did not reach the reserve price by the auction’s closing time. The property was subsequently withdrawn from the auction site and is currently marketed by its listing agent in a traditional way. 

“When Domus Optima launched its new real estate auction site in April 2022, the aim was to bring greater transparency to the real estate buying and selling process in Canada,” explains Vitaly Kaidanov, founder of Domus Optima Co. Ltd. “With Ontario soon to be moving away from allowing fully blind bidding during real estate transactions, homebuyers are more eager than ever to have all the information available prior to bidding on their ideal property. We believe that the transition into open and transparent interactions should happen even faster than is currently scheduled. We live in a world in which real estate and market conditions are changing day by day. With the headwinds that the market is currently facing, having all available information in order to make an informed decision is hugely important.” 

With the real estate sector currently cooling down in Ontario, sellers and their agents are eager to use all options available in order to realize a fair market value for the property. 

“We’re pleased with the results. The site worked exactly as it is designed to,” says Vitaly Kaidanov, founder of Domus Optima Co. Ltd. “Everyone had as much information available as possible. The seller was able to set their reserve price, they were able to observe the bids in real-time. What was novel is that all of the potential buyers had that exact same information. Bidders were able to see how many people were bidding on the house and what those bids were. Importantly, everyone was acting by the same rules. Potential buyers had access to a third-party house inspection report prior to the auction opening. Auction conditions were the same for everyone involved. An auction isn’t a panacea though, with market conditions changing very rapidly in Ontario we knew that demand wasn’t as strong as it had been a few months ago. That said, our goal of bringing fairness and transparency to the process was achieved. We’re happy we were able to demonstrate the benefits of an open system and that the system worked exactly as it was designed to. With such a stunning house, we have no doubt that a buyer will be found soon.”

For more information about Domus Optima Real Estate Auctions, please visit www.domusoptima.ca.

For the latest news, upcoming auctions and to connect with Domus Optima on social media follow @DomusOpt on Twitter, @domusopt on Instagram and on YouTube.

Domus Optima Team