Look for what is scoped, not what is priced
A number on its own tells you nothing. A quote should say what is being demolished, what is being built, which fixtures and finishes are included, and who is supplying them. If two quotes differ wildly, nine times out of ten they are quoting different jobs.
Understand allowances
An allowance is a placeholder for something not yet chosen: tile at a certain price per square foot, fixtures at a certain budget. Allowances are legitimate and unavoidable early on. What is not legitimate is an allowance set unrealistically low so the headline number looks better, because you will pay the difference later.
Ask what each allowance assumes. If the tile allowance would not buy the tile in the drawings, that is worth knowing on day one.
Ask who carries the unknowns
Older houses hide things. Knob-and-tube, undersized joists, no insulation, a drain that runs the wrong way. A good quote names the likely unknowns for a house of that age and says how they will be handled and priced if they turn up.
A quote that mentions none of them is not a lower-risk job, it is a quote that has moved the risk onto you.
Check the paperwork
Licence, general liability insurance, and WSIB coverage. Ask for the certificates. A contractor who is properly covered will send them without being asked, and if a worker is hurt on an uninsured site the exposure can land on the homeowner.
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