COST PER SQUARE FOOT TO BUILD A HOUSE IN TORONTO
When it comes to building a house in Toronto, the prices are broken down at a price per square foot cost. The cost per square foot to build a house in Toronto starts at about $150 per square foot to $250 per square foot.
If you’re building a 1500 square foot home, the price would range from $225,000 to $375,000 depending on the per square foot cost bracket you choose. For luxury homes, your cost per per square foot to build a house in Toronto will be closer to $350 or $400. Just keep in mind, you get what you pay for. High-end materials will lead to a higher price per square foot.
What’s Included in the Per Square Foot Cost
Regardless of whether you choose to build a house at $150 per square foot or $250 per square foot, included in that calculation are:
- Building permits
- Architect and designer fees
- Construction costs
Hard Vs. Soft Costs
The construction costs to build a home in Toronto are broken into hard costs and soft costs. The Hard Costs will be things that have a fixed rate. These typically refer to many of the trade contracts, such as, the cost for the roof or frame, which would have already been established based on the design. In other words, all the costs for construction (drywall, flooring, plumbing electrical, siding, and others) ranging from the initial site work to the final finished house are a part of the hard costs. These include expenses for labor, equipment, and material. Besides foundation and framing expenses, hard costs include exterior and interior finishing, land development and landscaping, to name just a few. Besides these, the costs of appliances (HVAC systems) are categorized as hard costs.
The soft costs are the costs for supplementary activities, that is, tasks that do not contribute directly to the building of the house. In essence, these are the essential costs but are costs that are not affiliated with labour or materials. The soft costs would be things like inspection fees, legal and agent fees, permit and site survey fees, engineering and architectural consultation fees, management fees, insurance costs, and taxes. Your builder will provide you with a list of the hard and soft costs affiliated with your construction costs early on s. So you can start preparing financially to cover these costs. Even if you’re planning to opt for a mortgage, you’ll need to know how much it will cost to build a house in Toronto and to start saving for the down payment.