Construction Costs have changed dramatically over the last 5 years: Building Code & Municipal requirements have tightened; materials costs have increased as products are updated to meet Building Code & Municipal requirements; Land Costs have increased resulting in basic cost of living increases which have affected Labour Costs; Fuel and Energy Costs have dramatically increased; and the list can go on.
This has resulted in the cost per square foot to renovate or build fluctuating wildly depending things like: the location of the project; the location of the Builder / Contractors; the Finish Level chosen; and the simplicity of the Building Form (the shape of the building – rectangular boxes are cheaper than anything else).
Due to this we have included some sample Construction Cost Estimates that can give you a range that is common to see in the industry and ranges depending on where your project is located and the Municipal requirements for that location. Construction Cost Estimates usually do not include the cost of Design, outside Professionals, Permit Fees or other required Municipal Fees. Keep in mind that prices will change with very little notice depending on the Municipality due to changes in By-Law, Tariffs, Materials and Labour costs.
For example, using simple Industry guidelines, a project would take your Renovated Area x Costs per Sq.Ft. for Renovations + New Construction Area x Costs per Sq.Ft. for New Construction.* This will lead you to a rough ballpark.
|Cost per Square Foot||$150||$250||$400+|
|New Build Guidelines|
|Cost per Square Foot||$250||$350||$500+|
|Renovation Area Sq.Ft.||$150 x Sq.Ft.||$250 x Sq.Ft.||$400 x Sq.Ft.|
|New Construction Area Sq.ft.||$250 x Sq.Ft.||$350 x Sq.Ft.||$500 x Sq.Ft.|
|Estimated Total Construction Value||$||$||$|
* Please note that these Industry Guides are not applicable for Do-It-Yourself projects as labour costs and materials costs will vary widely. Also the number of Bathrooms and Kitchens will greatly impact the estimated costs provided by Contractors, so once again this is a guideline only and not an accurate statement of costs.