The Canadian real estate market is about to experience a significant shift in transparency with the upcoming launch of a pilot program that will provide real-time data on offers for select property listings. This innovative project is a collaborative effort between the Canadian Real Estate Association (CREA), real estate boards and associations, provincial regulators, and the real estate technology company, Openn.

Introducing Openn Offers

Established in 2016, Openn is a pioneering real estate technology company that aims to make the property buying and selling process more transparent. Its online platform, Openn Offers, keeps sellers and potential buyers informed in real-time about the status of an offer, new submissions, and accepted offers. With the seller's consent, if your REALTOR® uses Openn Offers to manage a transaction, offer details can be displayed directly on REALTOR.ca.

A Truly Unique Pilot Program

The pilot program in Canada will differ from how Openn Offers is currently used in Australia and the United States. Real estate is regulated provincially in Canada, resulting in varying rules and regulations across the country. This pilot program will take a tailored approach, adapting the platform to meet the specific needs of your REALTOR® and REALTOR.ca.

Depending on the region, users may see offer details such as the price on the listing page or only the number of offers presented. This pilot program aims to enhance the existing offerings of REALTOR.ca, Canada's No. 1 real estate platform.

A Partnership Promoting Transparency

Openn's partnership with CREA marks the launch of Openn North America and brings the company's groundbreaking offer management software to the Canadian market. This collaboration is set to revolutionize the real estate landscape by providing unparalleled visibility of data to buyers, sellers, and real estate professionals on participating property listings.

Duncan Anderson, President of Openn NA, expressed his excitement about the partnership, highlighting the need for more transparency in the bidding process. By joining forces with CREA and leveraging their online platform, Openn aims to create a more efficient and equitable real estate market for Canadians.

What's Next?

The Openn Offers pilot program is set to launch this summer, following a successful pilot in select Canadian markets in 2022. Keep an eye out for this groundbreaking feature on REALTOR.ca, and prepare to experience a new level of transparency in the Canadian real estate market.