vinny_the_hack

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Added costs from increased rates, added material costs (lumber is dropping though), added service costs, and now Union workers want more money. How could've anyone budgeted extra for all this 1-5 years ago? I'm with you.. let's hope we don't see ghost sites. Some are probably already in the process of selling to another developer.
How? Because none of this is unique. It's business as usual. Anyone who didn't budget for increases is a fool.

“Those that fail to learn from history are doomed to repeat it.”
-- Winston Churchill.
 

Cryptopreneur

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How? Because none of this is unique. It's business as usual. Anyone who didn't budget for increases is a fool.

“Those that fail to learn from history are doomed to repeat it.”
-- Winston Churchill.
COVID aint unique? Union strikes aint unique? Name me one developer that has a line for "potential union strike" in their budget. A union that hasn't gone on strike for 34 years. Yeah, I guessed this would happen all the way back in 2017!

How could a developer budget for anything COVID related before COVID? You couldn't... Developments budgeted in 2015 are at a loss right now. It's that simple. My uncle is an investor with Metroview Developments. Do you want to know what the developer returns on 8888 Yonge in Richmond Hill are? You're better off not knowing.
 
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vinny_the_hack

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COVID aint unique? Union strikes aint unique? Name me one developer that has a line for "potential union strike" in their budget. A union that hasn't gone on strike for 34 years. Yeah, I guessed this would happen all the way back in 2017!

How could a developer budget for anything COVID related before COVID? You couldn't... Developments budgeted in 2015 are at a loss right now. It's that simple. My uncle is an investor with Metroview Developments. Do you want to know what the developer returns on 8888 Yonge in Richmond Hill are? You're better off not knowing.
Labour strikes aren't unique. Material price increases aren't unique. While COVID is kind of unique, disasters of various types do occur. I may have been a little harsh in my previous comment, but one should plan not only for known unknowns, but also for unknown unknowns. Okay, that was my Rumsfeld impression.
 

mininamib

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I am surprised that this strike hasn't been receiving a whole lot of media coverage, particularly within provincial political circles with the election season in full swing. Most of the developments I am finding out over here. I wonder how this will affect Ontario's housing crisis and real estate and rental market prices?
 

vinny_the_hack

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I am surprised that this strike hasn't been receiving a whole lot of media coverage, particularly within provincial political circles with the election season in full swing. Most of the developments I am finding out over here. I wonder how this will affect Ontario's housing crisis and real estate and rental market prices?
My interest in housing development/issues waned somewhat some time ago, but from what I understand, strikes, today, do not last more than two weeks, which pretty much make them inconsequential, and therefore "unnewsworthy". In the old days, a strike could go on for months. That got people's attention.
Things are coming back to me...I believe with each round of contract talks, the first trade to negotiate a deal usually set the standard for the trades that followed, and negotiations became very brief.
 

UtakataNoAnnex

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I am surprised that this strike hasn't been receiving a whole lot of media coverage, particularly within provincial political circles with the election season in full swing.
Stikes also don't really favour sitting governments. So they're likely trying to keep quiet about it at this point in the campaign.
 

Undead

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My interest in housing development/issues waned somewhat some time ago, but from what I understand, strikes, today, do not last more than two weeks, which pretty much make them inconsequential, and therefore "unnewsworthy". In the old days, a strike could go on for months. That got people's attention.
Things are coming back to me...I believe with each round of contract talks, the first trade to negotiate a deal usually set the standard for the trades that followed, and negotiations became very brief.
The YorkU strike in 2018 was five months! Totally different "industry", I know.
 

UtakataNoAnnex

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You'd think opposition parties might have something to say about it. But, again, I think it's essentially a nothingburger.
If they really want to say something about it then really should be in favour for the plight of the workers here, IMO. It may even score them some political points.
 

AlvinofDiaspar

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UtakataNoAnnex

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But it could be a speaking point for the NDP, Liberals, and Greens...
Hey, glad I already indicated that though...

If they really want to say something about it then really should be in favour for the plight of the workers here, IMO. It may even score them some political points.

<3
 

Undead

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To be frank, I'm not overly sympathetic to the union here. I get the arguments about cost of living, but this applies to every single worker. Not to mention that demand for construction labour was and still is bursting at the seams during the last few years. Meanwhile, so many of the rest of us lost our jobs through no fault of our own and had to survive on CERB cheques. Some perspective, please.

And then you have the unions acting like cartels by restricting new hiring in order to push wages higher. Which in turn forces companies to raise prices and contributes to cost of living increases for the very same union members!
 

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