Sick of bidding wars? Can’t find your dream home? Priced out of the housing market?
Whatever your motive, if you’ve ever thought that it might be cheaper and easier to buy a plot of land and build a brand new house, you’re not alone.
According to Altus Group’s 2022 Canadian Cost Guide, building a single-family home in Canada ranges from $100 to $275 per square foot, depending on where you live.
Just like buying a house, Vancouver and Toronto are the most expensive cities in which to build a new home in Canada. In Vancouver, the process costs between $150 and $275 per square foot, while in the Greater Toronto Area it runs from $165 to $260 per square foot.
At $130 to $190 per square foot, Montreal is a more affordable city to build your dream home in. Calgary and Edmonton, where prices range from $125 to $200 per square foot, are also cheaper options.
While the numbers look good on paper, they don’t factor in other costs associated with building a new house, like buying and clearing land or tearing down existing structures.
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If you are considering building a home from scratch, Re/Max advises choosing a plot further away from a major city to lower the price tag. Taking bids from multiple contractors, choosing cheaper materials, and doing some of the work yourself can also help lower costs.
The average cost of building a house in major Canadian cities:
- Vancouver: $150 – $275
- Calgary: $125 – $200
- Edmonton: $125 – $200
- Winnipeg: $120 – $190
- Greater Toronto Area: $165 – $260
- Ottawa: $125 – $205
- Montreal: $130 – $190
- Halifax: $100 – $155
- St. John’s: $120 – $155