An online auction for a luxury home in Abbotsford, B.C., 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. A news release for an online auction for a luxury home in Abbotsford, B.C. In Toronto, On the Block sells real estate both the traditional way and through its online auction platform but doesn’t focus on luxury sales. Real estate board regulations otherwise prohibit real estate agents from disclosing the substance of competing bids. The most important factor in a successful real estate auction is the starting price, which can inspire competitive bids, Steinfeld said.

Source: thestar March 24, 2019 11:03 UTC