Building a house in Toronto doesn’t have to be stressful. When you see a simplified version of custom home build cost, it becomes easier to understand changes depending on hard and soft costs. At ODIMA Construction, we make it our priority to ensure your complete satisfaction throughout the home build project. To address your concerns and make the process easier, we have created a breakdown of the costs to build a custom home.
Hard Costs
Hard costs, also known as direct costs, directly relate to the physical construction of a project. These expenses typically include materials, labour, equipment, and land development. They are tangible expenses that are necessary for the completion of the project.
Land Development
One of the primary costs associated with new home construction in the GTA is land development costs. These include the purchase price, down payment, land transfer tax, legal fees, and cost to close. It is important to keep these costs in mind as over and above the cost to build your home. This will allow you to better plan your budget and ensure you can still include all the features and luxuries that are important to you in your design later on in the building process.
Foundation
Whether you are doing a tear-down or a new build, your construction project will require a new foundation. This price generally runs between $22.00 – $26.00 per square foot, or $26,000 on a 10,000 square foot home.
Framing
Once the foundation is poured, then your home begins to take shape. Your construction team will begin framing your home. These are bones of the structure that the rest of the home will be built around. You will soon be able to make out rooms, closets, and other key spaces in your home. For the average home in Toronto, this costs between $40 and $50 per square foot.
Exterior Finish
Now that your home is starting to take shape, it’s time to pick the exterior finishes. These costs can vary greatly depending on the size of your home and the type of material you choose. The new brick installation will generally cost between $38 to $60 per square foot. A natural stone finish is approximately $30 to $48 while vinyl siding costs $2 to $8 per square foot.
Interior Rough-Ins
Rough-in services such as plumbing are needed before elements like plaster walls are installed. Remember to keep in mind that these costs increase with the addition of each bathroom. The average cost for interior rough-ins is between $8,000 to $12,000, or $4.50 per square foot.
Interior Finish
These are the important final touches to your home such as plaster and wall finishes. These costs can vary based on the finishes you choose, but are usually in the range of $8 to $11 per square foot.
INVEST IN REAL ESTATE
Over the last years, building duplexes, triplexes, and multi-dwelling units have grown in popularity as an investment opportunity, that comes with greater cash flow, additional tax benefits for owners, potential owner-occupied arrangements, and less risk of full vacancy.
Soft Costs
Soft costs, or indirect costs, are expenses not directly tied to construction work. These costs include insurance, taxes, permits, legal fees, architectural and engineering fees, and project management fees. Throughout the custom home building project, soft costs incur that are necessary for the overall success of the project and compliance with regulations.
Contact ODIMA Construction to begin building your new home. We can guide you through the entire process. Our project managers are there for you to ensure all the necessary requirements are met such as fees and permits. Let us help you build your dream home!
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What is the Average Size Home in Canada?
The average sized home in Canada varies based on the type of home. For example, the average square footage for a mansion in Canada is between 5000 and 8000 sq. ft. On the other hand, the average size of a bungalow in Canada is between 900 and 1400 sq. ft.
Factors that Influence the Cost of Your Custom Home
The cost of your complete home remodeling project depends on factors such as location, materials, and design choices.
Size is another important factor that greatly influences the cost of building your home.
Bigger homes come with more square footage which leads to higher building expenses.
The type of finishes you choose and whether you include additional amenities such (i.e. custom cabinetry, millwork, pool, gym etc.) will also impact the total cost of your custom home.
Toronto Cost Trends Going Forward
The cost of building custom homes are hiring home renovators in Toronto is increasing because of the growing demand for sustainable and efficient housing.
Custom homes are now integrating more energy-efficient features, like solar panels and smart home technology, to minimize the impact on the environment and lower utility expenses.
The design trends for custom homes in Toronto are contemporary, with an emphasis on open-concept layouts, large windows, and high-quality finishes.
Premium features such as more outdoor living spaces, such as rooftop decks and backyard gardens, to maximize usable space also adds to rising design costs.
Overall, the main trends in Toronto’s custom home market are to create sustainable, functional, and aesthetically pleasing living spaces for homeowners.
Next Steps
When you choose ODIMA Construction to build your custom home, we promise to bring your vision to life with exceptional craftsmanship and transparent pricing. Our project managers are there for you to ensure all the necessary requirements are met, such as fees and permits. Rely on us for accurate estimates, expert guidance, and trust that we commit to staying within your budget. If you’re interested in hiring custom home renovators in Toronto or the GTA, contact ODIMA Construction for a free estimate.
