What is the approximate square foot price to build a project?
Custom home: $175.00 to 400.00 per square foot
Residential renovation/addition: $200.00 per square foot (all affected areas)
Low rise Condominium (wood framed): $200.00 and over per square foot
Low rise Condominium (concrete): $300.00 and over per square foot
Warehouses (tilt-up): $200.00 per square foot plus tenant improvements
Warehouses (wood framed): $175.00 per square foot plus tenant improvements
Retail (tenant improvments): $75.00 and over per square foot
What is the duration of a project? Generally projects under $1,000,000.00 take up to one year. Larger projects take longer.
If I'm building a home approximately 4,000 square feet, how long should I allow from design to permit to completion? Approximately 14 months.
Can I use any of my own trades? Depending on how the contract is structured and if trades are reputable professionals, yes.
Will there be a site supervisor on site? There is always a project manager, site supervisor and administrative support provided for each project. Depending on the size and complexity of the project a supervisor may be assigned on a part-time or full time basis.
Is there a deposit or down payment required? Yes. Deposits or down payments are generally as follows:
Design Build: 5% of the construction costs at contract signing
Fixed price: 10% of the construction costs at signing
Cost plus: 10% of the construction costs at signing
Renovations/retail: 15% of the construction costs at signing
How are payments or draws made? Payments are made in two different ways:
1. On a monthly basis based on the percentage of construction completed
On construction progress after the completion of each phase such as foundation, framing, mechanical and others.
How do I legally hold back funds? We follow the BC Builders Lein act and therefore accept a 10% holdback on each draw. Further holdbacks for deficiencies are calculated near the end of the project.
