You want to find a Luxury Home Builder in Toronto and build your own luxury home? In this article we provide you with the following information about building a luxury home in Toronto

1- How Much Does It Cost to Build a Luxury House in Toronto

2- Buy or build a house in Toronto

3- Buying Land and Building a House Costs in Toronto

4- Luxury Home Builder in Toronto

1- How Much Does It Cost to Build a House in Toronto

The Hard Cost of building a house in Toronto starts at around $215 per square foot. However, the average Hard Cost that is being built is around $260 per square foot in most of the neighborhoods in Greater Toronto Area. This price difference is usually due to the premiums on materials, finishes and appliances that have became the standard in those neighborhoods.

This means the average Hard cost of building a 2000 square feet detached home in Greater Toronto Area will be around $520,000.

For a Custom Built Home, it starts from $300 per square foot and can go well beyond that. The average cost of building a Premium Custom Home in Toronto is around $360 per square foot. Thus, the average cost of building a 2000 square feet Custom Built Premium detached home in Greater Toronto Area will be near $720,000.

If you want more information about Hard and Soft Costs of Building a Luxury Home in Toronto and try our Home Building Cost Estimator read this article:

How Much Does It Cost to Build a House in Toronto?

2- Buy or build a house in Toronto

A very first decision is whether to build a luxury home or buy an existing one. generally, building a home is cheaper than buying one but requires Time and Cash. To compare the cost involved in building a house versus buying a newly built one, you need to keep in mind multiple factors. In general, building a house is cheaper than buying one! This is simply because, when you build a house, you will not pay for the seller’s profit.

Time is another important factor. A house building project takes at least 8 months, and on average one year. But when buying a property, you may be able to move in right after closing the property or in some cases within a month or two. 

Customization is a huge advantage of building your own luxury home over buying one. It is not that easy to find an existing house that meets all your needs and wishes. Instead, when building your own home, you get to actually choose all your finishes and other features of the house.

For building a new luxury house, working with a well-known luxury home builder in Toronto can make the process much easier. 

if you want more detail about the difference between cost and time of read this article:

Buy or build a house in Toronto

3- Buying Land and Building a House Costs in Toronto

The first step is to buy a vacant lot in Toronto, or purchasing a house for its land. Because of the lack of vacant lots in Toronto, buying a detached house for its land is usually the best available option. Plus, if you want to buy vacant land usually the bank will not give you a mortgage on that piece of land.

The price of a detached home in the GTA varies from case to case and depends on many factors, but roughly the average detached home in Toronto sits at around $1.3 million. There are also other initial costs like Land Transfer Tax and legal fees, around 5% of the purchase price the you need to pay to obtain the land.

If you want to know more about Buying Land and Building a luxury Home in Toronto read this article:

Buying Land and Building a House Costs in Toronto

4- Luxury Home Builder in Toronto

Working with an experienced luxury home builder in Toronto can make the process much easier and also reduce the risk of going over budget and time. If you have the time and money, why not build your own dream home?

Contact Odima construction group with years of experience in luxury home building in Toronto. Our professional team can help you decide whether to build a house or to purchase one will suit your needs and wishes best.

See our portfolio.