Source
r/homebuildingcanada•
NeutralLock

Cost estimates for a brand new home.

I’ve been looking at land near Toronto to build but when I’ve tried to get “quotes” the pricing is all over the map when it comes to building.

Homes in the area I’m looking at go for around $3mm. The land I’m looking at is about $1.5mm and I’m being told the cost to build is $1.5mm for 5,000 sqft.

This seems like the only advantage of building is customization, but I’ll be modelling the home off another home(s) I like so it’s not really customization.

These numbers make it seem like building makes no sense as I’m taking on risk and not getting any real value for it.

Posted Aug 2, 2020, 4:02 PM UTC

98
andthekid3advisor•

Are you able to get a home that’s already built to the finishings you want for around the same price? Do you plan to live in the home?

The big benefit of building yourself is you not only get to control the design, but you also know what goes in behind your walls.

2
xfactor4774•

Going rate is about $250 a square foot. The really hot area outside of Toronto are along Lakeshore road in Oakville and Burlington. Try that area. There are plenty of bungalows selling for around $1m. Find a nice lot. You didn’t specify if you’re looking to profit off the build or if it’s for yourself. You can make a good profit of a home with about 3000 sq.ft and that should run you about $750 k.

1
NeutralLockOP•

That makes sense. Home is for myself (and family) so I definitely want around 5,000sqft, but I’m seeing costs in the $300 per sqft which makes it seem like I’m losing money on the venture.

I think I’ll keep shopping and see if I can find $250 / sqft

1
xfactor4774•

DM me the area as i may be able to refer you a home builder. Not sure if he does Toronto but I’ll check.

1
subatomic5•

Is that $250/sq. foot including the land costs? Cuz the building cost is about$150/sq foot here in Surrey, BC, not including land costs.

1
xfactor4774•

No, the $250 per foot is for the building cost only, but includes foundation framing etc. You can also go higher or lower based on finishes. I'm sure you could get it a bit lower but under $200 doesn't sound possible for this area. Family friend is a home developer so I would refer if you're interested.

1
n33bulz•

Cost estimates will vary wildly depending on what you want. Seen $200/sqft all the way up to $800/sqft.

In Vancouver, BC you are looking at about $300/sqft for decent quality.

1
HonkinSriLankan•

@$300/sq ft I think that’s reasonable for the GTA and a custom built home. Is 5000 sq ft the entire home or do you have an out building or guest house?

How much land are you trying to buy and where?

I’m looking for 5 acre wooded lot to build on and just started looking west of GTA because I don’t want to spend >$1M on land.

1