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Category:
Physical Building Operations
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Higher Construction Costs and Condo Projects
Author:
Toronto Condo News
Publication date:
Not Available
Article Summary:
Construction costs for condominium projects have surged due to factors such as material shortages, labor shortages, and supply chain disruptions. Projects involving materials like windows, elevators, and roofs are particularly affected, with delays and increased expenses. The shortage of workers, combined with the impact of COVID-related closures, has led to delays in material deliveries from overseas. Ports and transportation hubs are experiencing congestion, further exacerbating the situation. Condominium boards may need to increase budgets and allow more lead time for material deliveries. Ultimately, these higher costs are likely to result in increased condo fees when reserve funds are updated.
Keywords:
Construction costs, condo projects, material shortages, labor shortages, supply chain disruptions, delays, expenses, COVID-related closures, material deliveries, overseas suppliers, transportation congestion, budget increases, reserve funds, condo fees.
Source Citation:
Toronto Condo News
Higher Construction Costs and Condo Projects
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