Rising Costs of Raw Materials and Delayed Projects

The article discusses the rising costs of raw materials and construction projects during the pandemic. Supply constraints, tariffs, and labor shortages have contributed to significant price increases in materials like iron ore, copper, and lumber. Construction projects have become more expensive and delayed, causing challenges for condominium corporations. The article suggests having a Preferred Vendors list, stockpiling materials in moderation, and planning for the unexpected to better manage costs and delays. It also highlights the stabilization of lumber prices and advises condo managers to stay updated on market changes and communicate effectively to tackle issues.