Real Estate

Anyone building a custom home currently ?

  • Last Updated:
  • May 27th, 2021 10:28 am
[OP]
Newbie
Jan 31, 2020
18 posts
34 upvotes

Anyone building a custom home currently ?

Been planning to custom build a ranch style bungalow for the past year ....floor plans in hand .

Was wondering with the price of lumber skyrocketting ....what's the going rate now to build from the ground up with nice finishes (not luxury) .

Is the construction delayed due to material shortage , or running smoothly ?

Any info/pointers or experiences are appreciated!
6 replies
Jr. Member
Apr 20, 2016
131 posts
93 upvotes
I'm not building a custom home but from recent conversation with a medium sized GTA builder they are experiencing material shortages for items such as framing, joists and even brick. And yes, prices are much higher. I also heard from someone else who started building pre--pandemic around $400 PSF (nice area in Toronto) and the current pricing is closer to $600PSF. I've always told people that you custom build if you have very deep pockets or you are building your dream home that you plan on living in for many years to come. Otherwise, good luck if you're going through it today.
Sr. Member
Jan 21, 2011
817 posts
341 upvotes
GTA
What if you build with something like ICF? Not really practiced in Canada, but I would be curious as to the cost in the current climate.

From my understanding, walls and floor are self supported and link together with concrete and rebar.
Member
May 31, 2017
303 posts
394 upvotes
vprime77 wrote: I'm not building a custom home but from recent conversation with a medium sized GTA builder they are experiencing material shortages for items such as framing, joists and even brick. And yes, prices are much higher. I also heard from someone else who started building pre--pandemic around $400 PSF (nice area in Toronto) and the current pricing is closer to $600PSF. I've always told people that you custom build if you have very deep pockets or you are building your dream home that you plan on living in for many years to come. Otherwise, good luck if you're going through it today.
Pre-covid - $400 a square foot would be some very high end finishes I think...you were able to do a nice set of finishes for $280-$300 a square foot (in Ontario anyways). Pre-Covid builder grade is probably $180 to $220 range depending on the builder and their quality for reference.

In the end it depends how far you want to push the envelope on design and materials.

Costs are up a fair bit right now but lumber prices seem to be starting to come back down to a degree...same with steel prices. I wouldn't be surprised to see the retail pricing remain elevated for a few months and then start to creep down as the wave of reopening demand subsides. Just a guess. If you sign up with a contractor and material prices come back down don't expect a rebate...lol Negotiate that wisely...
Deal Addict
Mar 2, 2017
2206 posts
3909 upvotes
Toronto/Markham
My neighbour is at the tail end of his custom home build, while he got 'lucky' in a sense because he had locked in pre covid prices, his entire build was delayed 8 months due to covid and the last 25% of construction has effectively increased the total build cost by roughly 30%, he isn't done yet.

@IrfanP53614 What are you seeing right now in terms of demand for construction?

My custom home builder contacts that were booked ~24 months out with jobs in the queue, looks like some projects are being put on hold. Now you can jump the queue, but at a heavy premium any takers with prices at 50% higher?

What's your recommendation to prospective clients?
Realtor, Investor, CPA - Collaborate with like minded people
Deal Guru
User avatar
Mar 9, 2007
14176 posts
9475 upvotes
Think of the Childre…
Build a custom home with shipping containers, cheap and affordable!

WOULD SOMEBODY THINK OF THE CHILDREN!!!

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