The Altus Group's Canadian Construction Cost Guide for 2018 has been released. A high-quality 2,000 square foot detached house in Vancouver would cost up to $460,000 to build, while in Toronto the same house would cost $420,000 and in Montreal, Calgary or Halifax, it would run you around $300,000.
This price spread is also there in the condo sector.
In Vancouver, for example, you would pay $250 per square foot for a high-quality 4 storey wood frame condo. This compares with $195 per square foot in Toronto and $175 or less in nearly every other city in the country.
These estimates are for hard contruction costs only and do not include land values or any of the soft costs, including profit.
The Altus Group did not provide an explanation why these costs vary so much from region to region. Any thoughts?