Builders/Investors: What Are You Seeing for New Construction Cost Per Sq Ft Right Now

Curious what everyone is currently seeing for new construction cost per square foot.

I’ve taken about a year off from new builds and shifted more toward rehabs, but I’m considering getting back into the development side since that’s really where my passion is.

Obviously this depends heavily on finishes, location, scope, etc. For context, my typical builds are in Victoria Park with a projected exit around $2.75M–$3M.

With the market softening, I’m trying to understand whether new build numbers are still penciling. It seems like sale prices/margins have compressed, but trade pricing hasn’t really adjusted yet to reflect the smaller spread.

For those actively building right now, what are you seeing all-in per sq ft, and have you noticed any movement in labor/sub pricing over the last few months?