If you are going to build a luxury custom home in Toronto or thinking of buying a luxury home in Toronto or even want to remodel your house to achieve a luxury look, this article can help you decide what to do and how to do that.
On this page:
- luxury home: Elements and features
- Design of a luxury home
- Cost to build a luxury custom home in Toronto
- How long does it take to build a luxury home in Toronto
- The luxury home market in Toronto
- Cost of home remodeling for luxury in Toronto
1- luxury home: Elements and features
When surfing the real estate market, you will come across homes that are categorized as luxury homes. If you believe a luxury home is an expensive one you are right. According to rocket homes, a luxury home is valued within the top 10% of properties on the local market. But a high price tag alone will not put a property in the luxury category. Other criteria should be met for a house to be considered LUXURY. Toronto is among the top markets for luxury homes (according to a recent study from Christie’s Real Estate) and here are some of the characteristics that are crucial in this market:
Luxury Properties are not necessarily mansions, but tend to be:
- Located in Expensive Neighbourhood
- Considerable in size
- Constructed with high-end materials
- Rich with modern amenities
- Designed with special character and charm
- Armed with home Security System
- Equipped with Smart Tech Features
In confirmation of SCHOLARLYOA, even for areas that are lesser-known by their zip code, the location can make them more luxurious. For example, a home that is waterfront, or sits on top of a beautiful hill is going to have that luxury feel even if the mailing address seems like nothing special.
2- Design of a luxury home
Large pools and high ceilings are the first things that come to mind when it comes to design a luxury home. But creating a chic and luxurious look is more than that. Luxury comes in a wide variety of sizes, styles, and layouts but here are some design elements that make a luxury home extraordinary:
- A Grand Entrance
- Open floor plans
- Exterior and interior design
- Bedroom Fit for a King and Queen
- Top-notch Kitchens (often includes spacious islands, plenty of counter space, walk-in pantries, and abundant seating)
- Spa-like Bathrooms
- Architectural Extras
- Huge walk-in closets
- Outdoor Kitchens and Pools
- Game and Theatre Rooms
3- Cost to build a luxury custom home in Toronto
The cost to build a house includes a large number of components and variables depending on the site location and condition, project size, design style, and construction materials. Typically, excluding land cost, any construction project includes 2 types of costs:
- Hard Costs include all materials and labor for the job.
- Soft Costs include all other charges of the building process
The hard cost of building a luxury Custom Home in Toronto (GTA) starts from around $400 per square foot and can go well beyond that. The average hard cost of building a luxury Custom Home in Toronto is mid $500 per square foot. The price differences are usually due to the premiums on the house’s design, materials, finishes, and complexity.
The soft cost to build a luxury single-family house in GTA is around 40 percent more than a standard home due to the architect and interior designer.
Read the ultimate home construction cost guide on the link below:
4- How long does it take to build a luxury home in Toronto?
Based on our years of experience as a pioneer custom home builder in Toronto at ODIMA Construction, a luxury single-family house building project takes 14 to 18 months on average assuming everything goes as planned. This time estimation doesn’t include clearing the land or tearing down an existing home on the land or any of the planning and preparation processes. However, when it comes to luxury homes, time is defined by the scope of work. A highly customized and detailed home can take even longer to complete.
5- The luxury home market in Toronto
According to Statistic Canada, Ontario accounted for the majority of the growth (+12.8%) in residential investment, driven by renovation projects in the census metropolitan area (CMA) of Toronto and new construction in the CMA of Hamilton.
In Toronto a luxury home values more than $2 million. Based on RE/MAX, sales of Toronto homes worth more than $4 million, surged %157 year-over-year in the first two months of 2021. While the Toronto Regional Real Estate Board (TRREB) gained %52 across all price ranges. It is interesting to know that five residential properties worth more than $10 million were sold, compared to only one in the previous year. So Toronto’s luxury real estate market is thriving.
If you are wondering should you buy a luxury house or build a luxury house read the article below:
Buy or build a house in Toronto: The pros and cons of building a New House in Toronto/GTA
6- Cost of home remodeling for luxury in Toronto
Home renovations and Improvements are a fantastic fit for those who want to increase the resale value of their home or create a luxury home that raises their social status, security, and comfort.
However, a renovation is different from building a brand new house. In a renovation project, there are a lot of unknowns. When you are building a brand new home, you can plan ahead and everything goes according to your plan if you have hired the right builder. Remodeling cost depends on the size of the house and the scope of work.
Take a look at some of our recent luxury custom homes and remodeling projects, in our portfolio.