The Ontario Real Estate Association has asked the province to allow agents to be able to disclose offer prices and additional details such as closing dates and any other conditions to potential bidders, if multiple offers are on the table.
The group's chief executive, Tim Hudak, says there is a growing demand for more transparent transactions.
In Ontario, realtors are permitted to share the price of a competing offer with another buyer, but only if all parties involved agree to the auction process, and the practice is rare.
Dan Gemus, the C.E.O. of Dan Gemus Real Estate, supports an open bidding process.
"All the buyers would know what the current offer sits at and they could overbid by whatever the reserve is set at," says Gemus. "If there's five offers and the listing price is $200,000 you then see what is happening."
Gemus says buyers and sellers are split on the idea.
"There's some pros and cons. People are talking both ways. Some are saying 'Okay as a seller I may not like that as much because what if I don't get as much as I would have if it had been kept secret,'" say Gemus.
He adds.some concerns have been raised over opening bidding...
"You have those who say 'great' but then people going to start having fake offers, fake buyers coming forward," says Gemus. "There's no real of stopping but I don't think that's a huge issue that we're seeing. Is it possible? I guess it's possible, but I don't think it would be real issue."
Gemus says it may ease some of the wild overbidding for homes but he says in an auction-style process the price could still be pushed higher if buyers really want a property.