A new online real estate auction business will launch a first-of-its-kind brokerage and auction house in Canada later this summer, the company said.

On The Block, founded by Realtors and auctioneers Katie and Daniel Steinfeld, will offer a secure bidding platform that allows for cost and information transparency during the bidding process, according to an announcement.

“Our goal is to put the power back in the hands of the buyer and seller,” On The Block’s co-founder Daniel Steinfeld said in the announcement.

Steinfeld said that the real estate market in Toronto has become "a series of silent auctions," which makes it tough to gauge market value.

“This has ultimately left buyers unsure of what price to offer and sellers unsure of what price to accept,” Steinfeld said.

On The Block will also address the issue of “multiple representation,” in which an agent works on behalf of both the buyer and seller by banning that practice.

Steinfield said his company’s philosophy of helping buyers understand the process of real estate auctions will benefit consumers.

“A considerable percentage of homebuyers don’t understand the process that takes place behind the scenes, such as who gets paid, how much and by whom,” Steinfeld said. “This is unfair to consumers. It is imperative that this important information is made clear to allow people to feel comfortable with their decisions.”