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How Much Does it Cost to Build a New House in Vancouver?

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The Vancouver real estate market is hot and getting hotter.  With so much competition among home buyers, many people are considering building a new home that will not only meet their specific needs but may also allow them to avoid the real estate bidding wars that are becoming commonplace in this market.  But how much does it cost to build a new house in Vancouver?  Let’s take a closer look.

First, it’s important to understand what is included when you discuss the cost of building.  Typically, contractors will quote a price per square foot to build a new home, but you should be aware that this price does not include the cost of land or the cost of building permits, architectural plans, surveys, or structural engineering fees.  Keeping that in mind, you can expect the average price to construct a new home in Vancouver will typically vary between $150 and $250 per square foot.

Now, I’m sure you’re asking yourself why there is such a huge range in the average cost to build, especially considering land is not included in the estimate.  Ultimately, finishing work is what distinguishes homes at the lower end from those at the higher end.  Finishing refers to items such as tiles, cabinets, molding, doors, windows, fixtures, and landscaping.  If you enjoy the finer things in life, you can expect higher construction costs.

New home construction is obviously a huge project and there are major steps that need to be considered along the way.  Clearly, you need to have a good sense of your budget so that you can make the best decisions for you and your family at every stage of the construction process.  This budget must include the cost to purchase property, but will also incorporate labour and construction methods, design and architectural plans, permits and inspections, and even insurance.

The costs associated with building a new home can be overwhelming, but there are many benefits.  Indeed, building a new home is usually more expensive, but you also get the peace of mind knowing that yours will be the first family to occupy the home.  In addition, new homes are usually covered by a comprehensive warranty so that if anything goes wrong as the result of faults with labour or material, repairs are covered.  You also benefit from the flexibility to create a home that perfectly matches the needs of your family.

So, if you’re considering building a home in Vancouver, make sure to speak to an experienced contractor that can review all the costs associated with the project.  Depending on where, when, and what you build, you’re sure to find a lot of variability in how much it costs to build a new house in Vancouver.

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