Various Stakeholders Involved in Building a Condo in Toronto, Canada

Various Stakeholders Involved in Building a Condo in Toronto, Canada

Putting up a building has many effects on the environment and the people around. It influences the lives of people in the surrounding, other existing buildings, the economy of the area and much more. Therefore, before building it, various stakeholders must agree to the project and concede to the various changes that are expected to come from putting up the building.

Apart from this, they also determine the success or failure of a project. This is so with condos, such as the ones at 410 Front St W, Toronto, ON M5V 2H6, Canada, too. So let us have a look at the various stakeholders involved in building condos

The owner

HousingBehind every project is the developer or owner who bore the dream to build the condo. The owner defines the aim of the project before outsourcing all other suitable people to help them fulfill it. A team of project managers and other team players who help the owner to make appropriate decisions as the project progresses. They also help follow-up to ensure that the needs of the project are met. This will ensure that the project fits the original idea by the time of completion.

The government

Canada has a hand in regulating how developing of its cities will take place. In this regard, the building of condos, being part of the developments, has to be made known to the government. It provides bodies to deal with impact assessments, certifications and regulations that dictate the standards of building.

This not only ensures that the projects are done right, but also reduces the conflicts that can develop from the project while ensuring that the building is secure enough for people to occupy.

The contractors

Contractors are major players in the construction of a building. A good contractor helps put up a quality building following the required standards and the need of the client. Contractors come in with the main experts that deal with the different phases in building like the suppliers, foremen, builders, electrician, engineers, drainage experts, carpenters, and architects just to name but a few. Each offers knowledge and expertise from the time of excavation to the finishing of the condo.

Financial institutions

condosBuilding a condo needs a lot of funds to complete the project. Such financing is not possible for most developers, and at this point, financial institutions like banks come in. Financing bodies can help finance the whole project or part depending on the owners need, but for interest.

Some owners decide to build with their own resources but this may in future brings complications as sometimes the finances may not be enough to deal with other life events. This may lead to unfinished buildings. Using the help of a financial body prevents this as they can provide constant cash flow till the end.

Building a condo involves different parties who have different interests that may create conflict. If addressed, they make the parties a team which sees the project through from the start to the end. Condo owners should address the place of each to ensure they all play a part in the project.