Build vs Buy Cost Calculator
Compare the total costs of building versus buying a home in Halifax in 2025. Enter your specific details to see which option makes financial sense for you.
Your Building Options
Your Buying Options
In 2025, the question build vs buy isn’t just about preference-it’s about survival. If you’re thinking of putting down roots in Halifax or anywhere across Canada, you’re probably staring at two numbers: the price tag on a ready-made house and the quote from a contractor for a brand-new one. And right now, the gap between them is wider than it’s been in decades.
What’s the real cost of building a house today?
Building a new home in Nova Scotia in 2025 isn’t cheap, but it’s not as wild as it sounds. For a standard 2,000-square-foot, three-bedroom, two-bath house with basic finishes, you’re looking at $350,000 to $450,000. That’s the total out-the-door price, including permits, land preparation, and connection fees. If you want higher-end finishes-quartz countertops, smart home wiring, upgraded insulation-it jumps to $500,000 or more.
Here’s what’s driving those numbers: lumber is still 20% higher than pre-pandemic levels, even after the 2023 dip. Electrical and plumbing materials are up 15% due to supply chain shifts. Labour costs? They’ve climbed 18% since 2022. Trades are still short-staffed, and skilled workers aren’t coming back fast enough. Builders are charging premiums just to book a start date.
But here’s the twist: you’re not just paying for walls and windows. You’re paying for control. You pick the layout, the insulation, the windows, the HVAC system. You avoid the 15-year-old furnace, the leaky roof, the basement that floods every spring. That’s not just money-it’s peace of mind.
What are you really paying when you buy an existing home?
On the other side of the fence, the average home price in Halifax is hovering around $480,000. That’s a 7% drop from the 2022 peak, but still 30% above the 2019 baseline. And here’s the catch: most of those homes were built before 2000. That means they’re running on outdated systems.
Buyers are walking into houses with aluminum wiring, single-pane windows, and septic tanks that need replacing. A quick inspection might reveal $30,000 to $60,000 in hidden costs: new roof, upgraded electrical panel, sump pump installation, foundation cracks, or asbestos abatement. And that’s before you even think about updating the kitchen or adding a second bathroom.
Plus, you’re not getting any tax breaks. New builds in Nova Scotia qualify for the GST/HST New Housing Rebate-up to $6,000 back on homes under $450,000. That’s cash straight back into your pocket. Used homes? Zero rebate. You pay full price, full tax, full risk.
Land is the wild card
Here’s where most people get tripped up. When you buy an existing home, the land is already paid for. When you build, you have to buy the lot. And in Halifax, buildable lots are getting scarcer. A standard 50-foot-wide lot in a good neighbourhood like Clayton Park or Fairview now costs $150,000 to $250,000. That’s not a minor add-on-it’s half the cost of your build.
Some people try to save by buying a lot in a new subdivision like Upper Tantallon or Lower Sackville. Those are cheaper-$80,000 to $120,000-but you’re trading convenience for space. You’re farther from schools, transit, and grocery stores. And you’ll need to wait 12 to 18 months just to get permits and approvals.
There’s another option: tear down an old house on a good lot. But demolition permits, environmental assessments, and debris removal can cost $20,000 to $40,000. You’re not saving money-you’re just moving the cost around.
Time is money, and time is running out
Building a house takes 8 to 14 months from ground-breaking to keys. Buying a home? You can move in in 30 days. If you’re waiting for a job to start, a child to enter school, or a partner to finish their degree, that delay matters. Delayed moves mean extended rent payments, storage fees, and stress.
And here’s the hidden cost of waiting: interest rates. Even though rates have dipped from 7% to 5.5% in late 2024, they’re still 2% higher than they were in 2020. Every month you delay building means you’re paying more in financing costs. If you lock in a 5.5% mortgage on a $400,000 build, you’re paying $2,260 a month. If you wait six months and rates creep back up to 6%, your payment jumps to $2,398. That’s $1,656 extra in the first year alone.
Who wins? The numbers don’t lie
Let’s compare two real scenarios from Halifax in 2025:
- Scenario A: Buy a 1985 home - $480,000. Inspection reveals $45,000 in needed repairs: roof ($22,000), electrical ($15,000), basement waterproofing ($8,000). Total outlay: $525,000.
- Scenario B: Build a 2025 home - $420,000 for construction + $160,000 for land + $15,000 for landscaping + $6,000 GST rebate = $589,000 total.
Wait-that’s more. But here’s the catch: the $420,000 build includes a 25-year roof, 95% efficient furnace, triple-pane windows, and a full smart home system. The $480,000 house? It has none of that. In five years, you’ll be spending another $30,000+ fixing what broke. The new build? You’re still covered under the 2-5-10 year warranty from Nova Scotia’s New Home Warranty Program.
So if you’re planning to stay put for 10+ years, building wins. You’re not just buying a house-you’re buying lower maintenance, lower utility bills, and zero surprises.
If you need to move in now, have limited savings, or can’t handle the stress of construction delays? Buying existing makes sense. Just make sure you’ve got a buffer-$40,000 minimum-for repairs you didn’t see coming.
What no one tells you about building
Building isn’t just about money. It’s about patience. You’ll spend weekends at the lumber yard. You’ll get calls at 7 a.m. about a delayed delivery. You’ll argue with your partner over whether to go with matte or glossy tiles. You’ll second-guess every decision.
And you can’t just pick any builder. In 2025, the best builders in Halifax are booked 10 months out. You need to choose one with a track record-ask for references from past clients, check their standing with the Nova Scotia Home Builders’ Association, and read the fine print on their contract. Some charge extra for every change. Others include three revisions. Know the difference.
Also, don’t skip the energy audit. A builder who doesn’t offer one is cutting corners. Proper insulation, air sealing, and duct testing can slash your heating bill by 40%. That’s $800 a year saved. In 10 years, that’s $8,000 back in your pocket.
Bottom line: Build if you can wait. Buy if you must move now.
There’s no universal answer. But in 2025, building is cheaper in the long run-if you’ve got the time, the savings, and the patience. Buying is faster, but it’s a gamble. You’re buying a house with a history you can’t control.
Most people who build end up happier. They get exactly what they want. No weird hallways. No noisy neighbours above. No surprise mold behind the bathroom. They know every wire, every pipe, every screw. And that’s worth more than a lower price tag.
But if you’re stressed, short on cash, or need to move this month? Don’t force it. The market will still be here in six months. And when it is, you’ll be ready.
Frequently Asked Questions
Is it cheaper to build a house or buy one in Halifax in 2025?
It depends. If you’re comparing a brand-new build to a move-in-ready home, buying is often cheaper upfront. But when you factor in repairs, energy bills, and future maintenance, building a new home is usually cheaper over 10+ years. A new home in Halifax costs $550,000-$650,000 total (including land), while an older home may cost $480,000 but needs $40,000-$70,000 in fixes.
What’s the biggest hidden cost when buying an older home?
The biggest hidden cost is outdated systems: aluminum wiring, single-pane windows, old plumbing, and failing foundations. These aren’t always visible during a walkthrough. A $200 inspection won’t catch everything. Budget at least $40,000 for repairs you didn’t know about.
Can I save money by buying a lot and building later?
Not really. Land prices in Halifax keep rising, especially in areas with good schools and transit. If you buy a lot now for $120,000, it could cost $180,000 in three years. Meanwhile, construction costs are also climbing. Waiting rarely saves money-it just pushes the problem forward.
Do new builds come with a warranty?
Yes. In Nova Scotia, all new homes are covered by the New Home Warranty Program. It includes 1 year for workmanship and materials, 2 years for systems like plumbing and electrical, and 10 years for structural defects. Used homes have no such protection.
How long does it take to build a house in Halifax?
From breaking ground to move-in, it takes 8 to 14 months. Permits alone can take 2-4 months. Weather delays, material shortages, and labour issues can add more time. If you need to move in quickly, building isn’t the right choice.
Are there government rebates for new builds?
Yes. Nova Scotia offers a GST/HST New Housing Rebate of up to $6,000 on homes under $450,000. Builders usually handle the paperwork, but make sure it’s included in your contract. Used homes get zero rebate.
What should I look for in a builder?
Check their track record with the Nova Scotia Home Builders’ Association. Ask for three recent client references and visit those homes. Look for builders who include energy audits, offer free revisions, and have a clear change-order policy. Avoid anyone who demands 50% upfront payment.
Next steps if you’re considering building
If you’re leaning toward building, start here:
- Get pre-approved for a construction loan. Not a regular mortgage-this is different. Look for lenders who specialize in build-to-own financing.
- Find a lot. Work with a local realtor who knows which subdivisions are opening up. Don’t just chase the cheapest lot-look for ones with good access to roads, utilities, and schools.
- Meet with 3 builders. Ask for detailed breakdowns of their costs. Don’t accept vague quotes like “$300 per square foot.” Ask for line items: framing, insulation, windows, plumbing rough-ins.
- Get an energy performance estimate. Ask for a HERS score or EnerGuide rating. A score under 70 means you’ll save big on heating.
- Lock in your materials. Lumber, windows, and appliances are still volatile. If you wait, you might pay 10-15% more later.
If you’re still unsure, talk to someone who’s done it. Find a local Facebook group for new homeowners in Halifax. Ask for real stories-not just the polished Instagram posts. The ones who complain the most? They’re usually the ones who rushed into buying without checking the foundation.
