June 9, 2010
The G20 in Toronto at the end of this month could be a “disaster” for real estate transactions closing around the same time.
The government is spending literally hundreds of millions of dollars on security for this international banking extravaganza and its predicted that large portions of Toronto will shut down for the event.
The Toronto Star quotes Andrew Zsolt, president of Coldwell Banker Terrequity Realty Brokerage, saying “It was already going to be brutal without the summit because we’ve been so busy. The timing couldn’t be worse.”
Moral of the story? If you’re a Torontonian with a planned closing towards the end of this month you may want to ensure all of your financing, due diligence, legal stuff etc. is either complete or well planned and ready to go. Alternatively, don’t do anything different and just hope your sale/purchase won’t be affected.