How does the multiple offer process work in Ontario real estate?
When a property receives more than one offer, the seller enters a multiple-offer situation. In Ontario, sellers and their agents must follow specific disclosure rules: buyers must be told how many competing offers exist, but the content of competing offers — price, terms, conditions — is confidential. Sellers cannot use one buyer's offer details to pressure another buyer to improve their bid.
Each buyer submits their best offer, and the seller may accept one, reject all, or sign back one or more as counter-offers. Sellers are not required to accept the highest offer — they can choose whichever offer best meets their needs in terms of price, conditions, closing date, or other factors.
If you are in a multiple-offer situation, your agent will advise on strategy. Common approaches include offering a strong price, reducing or eliminating conditions, and including a generous deposit. However, waiving conditions — especially financing and inspection — carries real risk. A real estate lawyer can explain what you are giving up and help you protect yourself before you submit.
Key takeaways
- Sellers must disclose the number of competing offers but not their contents.
- Sellers can accept any offer, not necessarily the highest price.
- Buyers often reduce conditions to compete, which increases their risk.
- Get legal advice before waiving conditions in a competitive market.