Bidding starts this Tuesday for a 12-bedroom, 10-bath restored train power station in Abbotsford.
An online auction for a luxury home in Abbotsford is drawing attention for its novel approach, which some observers say has potential to inspire new sales even if it doesn’t have any notable impact on the housing landscape.
Scott Pate, a project sales manager with Concierge, said luxury real estate has been a buyers market for quite some time in both the United States and Canada and auctions are a way to give sellers more certainty. Real estate auctions are typical in Australia and New Zealand, but the model is less common in Canada.
Tom Davidoff, director of the University of British Columbia’s Centre for Urban Economics and Real Estate, said online auctions aren’t all that different from the way we buy and sell homes traditionally in Canada, especially in cases where there are multiple interested buyers and a bidding war.“It certainly could be a direction the market could go. In segments where the market is slow today, people will try different approaches to move product, so it’s certainly possible,” he said.
Co-founder Daniel Steinfeld said online auctions offer a way around some of the frustrations that come with silent bidding wars under the traditional system. The platform also allows the company to post more information than might be available through MLS listings, like copies of home inspections and agreements of purchase and sale, which makes it less likely for a sale to fall through.
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