Grosvenor Park is a mature, established neighbourhood, so new construction here almost always means a teardown and rebuild on an existing lot, and appraisers who follow Appraisal Institute of Canada standards adjust for that difference rather than comparing it directly to the surrounding houses.
Price per square foot is a poor way to make that comparison, since a decades-old bungalow and a new two storey on the same street have different ceiling heights, insulation and basement quality, and appraisers adjust for those differences rather than relying on a single rate per foot.
New construction also attracts the 5 percent federal goods and services tax, and landscaping, fencing and a developed basement are frequently excluded from the builder's quoted price, so Joel confirms what is actually included before a buyer compares the number to a resale listing.
Get your hand-reviewed valuation from Joel Dyck.