Domino Effect - Reputable builders will be in regular contact with purchasers to advise them of any

Published in the Globe and Mail March 30, 2001.

This year is threatening to be marked by strikes, new development taxes, rising construction costs, job losses and stock market crashes.

In spite of all that, the forecasts are still for a strong real estate market in 2001.

After a record-breaking year in the Greater Toronto Area (GTA) with over 41,000 new homes and condominiums sold, the question is, will the real estate bubble burst? Builders and purchasers alike may well be in for a roller coaster ride.

In light of these uncertainties, homebuyers about to buy a new home in 2001 should be well educated as to the many issues facing the industry.

One problem that continues to give grief to both homebuyers and builders is delayed closings, particularly in the GTA.

In an ideal world, a new subdivision going to market would have completed homes. A purchaser could then tour them individually and pick out the house that suited their needs and financial capabilities.

Unfortunately, the reality of developing and servicing land and constructing homes is complex.

For the complete article view the document below.