In an established neighbourhood like this, price per square foot compares two different products rather than one, since a new build's ceiling height, insulation and basement finish rarely match an older home's, and appraisers following Appraisal Institute of Canada standards adjust for that rather than relying on a single rate per foot.
New construction also carries the 5 percent federal goods and services tax, and a buyer should confirm whether the builder's quoted price includes it, along with whether landscaping, a deck and window coverings are part of the deal or an extra after possession.
Joel compares a North Park new build against both recent infill sales and renovated resale homes nearby, so a buyer can see whether the premium is measured or simply assumed.
Get your hand-reviewed valuation from Joel Dyck.