Condominium Construction Costs in Toronto?

[arcitekt]

I was wondering if anyone on here can provide some insight as to what are the "average" construction costs per Square Foot for Condominiums in Toronto. Possibly the variations of costs between Mid-end (a Daniel-type condo) Condos, and High-end luxury (Yorkville-type) Condo construction prices.

Thanks in advance.

 

[myxamatosis]

I was wondering if anyone on here can provide some insight as to what are the "average" construction costs for Condominiums in Toronto. Possibly the variations of costs between Mid-end (a Daniel-type condo) Condos, and High-end luxury (Yorkville-type) Condo construction prices.

Thanks in advance.

Roughly $170-$190/sq.ft for a mid end construction (less if the building
has more floors since there are economies of scale to be had) and anywhere from $250-$350 for a high-end yorkville type condo.

 

[cdr108]

Roughly $170-$190/sq.ft for a mid end construction (less if the building
has more floors since there are economies of scale to be had) and anywhere from $250-$350 for a high-end yorkville type condo.

hi myxamatosis,

does the figure you provided include land costs; or just construction/interiors/marketing, etc?

i believe someone noted in a different thread there's increased costs when a project exceeds 50s due to complexity, etc.

 

[arcitekt]

Thank you very much.

^Yeah, I was referring to the construction cost, interior finishes etc, but not including land cost, as that is somewhat a different area of the project budget.

 

[myxamatosis]

hi myxamatosis,

does the figure you provided include land costs; or just construction/interiors/marketing, etc?

i believe someone noted in a different thread there's increased costs when a project exceeds 50s due to complexity, etc.

just the hard costs...so anything to do with the construction of the building.
the land costs are separate, as are soft costs such as marketing, consultant fees, development charges etc.

hope that helps

 

[borisp]

A few days ago I was reading about the builder costs somewhere and it turned out that their profit is equal to ~10%-15% of the total number of suites.

 

[cdr108]

I was watching 'Big City Brokers' one day and remember seeing BJL talking about his Work Lofts development.

They were bringing the matter for greater height approval of an additional 2 floors and he was quoting figures of how much lost profit and sales there would be if it was NOT approved.

I recall the amount was somewhere ridiculous of around 40% profit margin !!!

 

[digi]

His profit was $1.5 million per floor, and was whining about losing one floor.

He also built a sales office without permit, got a stop work order slapped on him, and then received a building permit less then a week later....it takes 8 to 10 weeks for everyone else applying for a permit though.

 

[cdr108]

His profit was $1.5 million per floor, and was whining about losing one floor.

He also built a sales office without permit, got a stop work order slapped on him, and then received a building permit less then a week later....it takes 8 to 10 weeks for everyone else applying for a permit though.

Yeah, that sounds about right.
The floorplate for the project is ~10,000 SF;
so $1.5 MM/10,000 SF = $150/SF profit.
I think they are selling for ~ $400/SF.

 

[JLG]

This is some very interesting information even though it is more that eight years old.

Anybody have any idea of what updated figures are?
Betting price inflation has really taken off.

 

[Bentley]

This is some very interesting information even though it is more that eight years old.

Anybody have any idea of what updated figures are?
Betting price inflation has really taken off.

A typical mid level condo may cost $225-$255/sq.ft in Gross Construction Area above grade (blended - This includes cost to build parking)

 

[sebastien]

The latest research shows a pretty good illustration of the costs to build a new condo: https://www.gta-homes.com/real-insights/market/how-much-does-it-really-cost-to-build-a-new-condo/

 

[Undead]

Roughly $170-$190/sq.ft for a mid end construction (less if the building
has more floors since there are economies of scale to be had) and anywhere from $250-$350 for a high-end yorkville type condo.

lol damn mid range places in my area are going 530-600 psf these days