10/28/2026
Toronto Homeowners Choose Renovation Over Moving
Many Toronto homeowners are now choosing to renovate rather than move, especially when they’re looking to adapt their homes for more space or a lifestyle shift. With slower sales and softer prices in the local market, it makes sense for many to stay put—especially if they’re locked in with a lower mortgage rate and want to avoid the extra costs of land transfer tax and agent fees. Renovation inquiries have jumped 10% year-over-year, although rising material and labour costs mean some projects are now $15,000 to $25,000 more than just a year ago. Basement remodels, for example, have gone from around $40,000 up to $70,000 in some cases. Still, homeowners should plan for unexpected costs, permit delays, and the reality of living without a full kitchen or bathroom for a few weeks—especially in older Toronto homes that often come with hidden surprises. For families who love their neighbourhood and just need to reconfigure their space, a renovation can be a smart move. The key is to set a realistic budget, allow for a 10–20% contingency, define a clear scope, and work with qualified professionals. In my experience as a Toronto REALTOR®, a carefully planned renovation can truly transform how you live in your home.
