The Liberal government made promises to ban blind bidding with residential real estate transactions. Is this a good thing though? On one hand it will make the process much more transparent and the theory is that potential buyers will not over bid if they know what the current top bid is. The problem is, in blind bidding you set your best price and put it forward. If in competition and your offer is one of the top bidders, you may be asked if you want to increase your offer. In this case, some may offer a little more. $10k or $20k is what I have seen typically. With open offers, you can see what the top bid is and if it is over your top dollar, you may be tempted to increase your bid based off emotions. As an example if your top dollar is $700k but you see that the current highest bid is $720k You may think to yourself that $30k is not that much more if it gets this house and therefore bid $730k. It is the justification of tiny increases in the belief that it will be successful.

It has been shown that markets where open offers are allowed such as Australia, New Zealand and Sweden, their house prices have increased faster than markets such as ours where we permit blind bidding not open offers. (source)

Will it be coming to Canada? It seems Realtor.ca has launched Open Offers in March of 2023 so apparently it is here. You can read more about it in the article:
https://storeys.com/realtor-ca-canada-open-offers/