Greater Toronto Area home auctions are emerging
April 6, 2018
What’s a resale house in Mississauga, Ontario really worth? Buyers will find out April 10 when On The Block Realty puts a four-bedroom, four-bath resale house up for auction through an online bidding process.
Block’s first auction, a pre-construction condo in Toronto, drew the interest of 17 registered bidders, and ultimately sold to the highest bidder on auction night. Just as that sale made history as the first such auction in the Greater Toronto Area (GTA) at least in recent memory, this auction will be the first of its kind for a resale house in the GTA.
“We learned in our first auction that all the bidders wanted to wait until the end of the auction to bid, with hopes of winning the property because of the quickest click,” said Daniel Steinfeld, CEO of On The Block. “We’ve built the platform to ensure that everyone has an equal opportunity to purchase the home, so any bids in the final minutes of any auction automatically extends the clock to give other bidders the opportunity to increase their bids.”
Registering to view all the auction details is easy free. Bidding is also at no cost, but security measures are taken to ensure that no false bids are placed, including a pre-authorization on a credit card that only charges a user in the event of such a “delinquent bid,” Steinfeld explained.
When we checked, bids had reached $1.25 million, or someone could buy it immediately for $1.43 million.
Readers who want to check out how this will work can visit the auction site at www.1105saginaw.ca. Pre-bidding is available until the auction opens at 8 a.m. on April 10th. Bidding closes at 8 p.m. on the same day.