TRESA Open Offers in Markham: When to Reveal Bids vs. Keep Traditional Sealed Offers

What the TRESA Rules Say

According to the Real Estate Council of Ontario (RECO), offer content is shared only when the seller directs it. That direction must be in writing, and a text or email is enough. The seller can choose to share some or all of an offer’s contents, and there is no minimum: buyers should not assume the price will be shared. Once the seller gives direction, the content must be shared with everyone making an offer. Nothing can be shared that identifies any buyer.

Buyer agents must tell their clients that the seller can choose to share offer contents at any point. Buyers who prefer privacy can ask about submitting an offer with confidentiality terms, and RECO suggests getting legal advice on how enforceable those terms are.

Michael John Lau, a REALTOR® with the Kaizen Real Estate Team, one of the most active real estate teams in Markham and York Region, reviews the offer strategy with sellers in writing before offers arrive, so the decision is made calmly rather than at 9 p.m. on offer night.

When Sharing Offers Can Help a Seller

• Several strong buyers are close together. If three buyers are within a few thousand dollars, showing the leading terms can encourage improved offers.
• Terms matter as much as price. Sharing that a competing offer has no conditions or a flexible closing can prompt others to match.
• Buyers are asking for clarity. Some buyers bid more confidently when they know where they stand.

When Sharing Offers Can Backfire

• Only one or two buyers. Revealing a lower offer can show the stronger buyer that they are already ahead, and they may not improve.
• Buyers anchor to the number. A buyer who planned to bid higher may cap their offer at a small step above the figure shared.
• Buyers walk away. Some buyers dislike an open process and prefer not to compete in it.
• Timing pressure. Multiple rounds can stretch an evening and test everyone’s patience.

In September 2026, Markham homes sold for about 98% of list price on average, according to TRREB, and only about one in three new listings sold that month. Many listings today receive one offer, not five, so open bidding is a tool to use selectively.

A Simple Decision Framework for Sellers

Ultimately, the decision is yours. The role of your REALTOR® is to explain the options, the benefits and the risks, so you can choose with confidence.

How Buyers Should Respond When Terms Are Shared

1. Return to your limit. Decide your maximum before offer night and stick to it.
2. Look beyond price. A cleaner offer, a larger deposit or a flexible closing can compete with a higher number.
3. Remember what is not shared. The seller may share only part of an offer, so the full picture can be different.
4. Protect your financing. Waiving conditions to compete only makes sense if your lender and lawyer agree you are ready.
5. Ask about confidentiality if you do not want your terms shared, and get legal advice on it.

Setting Up Seller Directions Before Offer Night

• Decide in advance whether offers will be shared, and what will be shared.
• Give the direction to your brokerage in writing.
• Set clear timing for any improved offers, so all buyers have the same chance.
• Keep identifying details out of every message.
• Review the plan again if the number of buyers changes.

For a broader pricing view, see why Markham homes are selling below asking.

A Worked Example

Imagine a Markham home listed at $1,299,000 with three offers: $1,270,000 with a financing condition, $1,285,000 firm, and $1,288,000 with an inspection condition and a long closing. The offers are close, and each has a different strength. Sharing selected terms, such as “a firm offer has been received” and the closing range the seller prefers, may lead all three buyers to improve. Now imagine only one offer at $1,240,000 and a second at $1,180,000. Sharing the second offer would tell the leading buyer they have room to spare. A private sign-back to the stronger buyer is usually the better path. These figures are illustrations only.

The Bottom Line

Open offers are neither good nor bad on their own. They work best when real competition exists, and they can cost a seller money when it does not. The best results come from deciding the strategy before offers arrive and choosing the approach that fits the actual buyers at the table.

Next Steps

• Selling your Markham home: how Michael prepares, markets and negotiates.
• Request a free home evaluation: price from recent sales before offer night.
• Selling for top dollar: pricing, preparation and negotiation.

Work With Michael John Lau in Markham

Michael John Lau helps Markham sellers plan offer night before it happens, from pricing and timing to whether sharing offer details makes sense. Every recommendation comes with the reasoning behind it. The goal is the best result for your situation, with less stress.

📞 Contact Michael John Lau, REALTOR®
🌐 www.callmikelau.com

Michael John Lau, REALTOR® · Markham, Ontario · (416) 700-0286
Disclaimer. Michael John Lau is a licensed REALTOR® serving buyers and sellers in Markham, Ontario and the Greater Toronto Area. TRESA offer rules are from the Real Estate Council of Ontario’s TRESA FAQs, as available on October 13, 2026. Market figures are from TRREB’s September 2026 Market Watch. Michael John Lau is not a lawyer, accountant, tax advisor or mortgage professional. This article is general information, not legal, tax or financial advice. Speak with a qualified professional about your own situation.