Lately, more Toronto homeowners are deciding to renovate rather than move, and it’s easy to see why. With slower sales and softer prices, many families are weighing the benefits of staying put—holding on to their lower mortgage rates and sidestepping land transfer taxes, agent fees, and the uncertainty of where home prices are heading next.
As someone who’s helped families navigate every stage of their real estate journey, I know these decisions aren’t always straightforward. Renovation inquiries are up 10% year-over-year, but the costs have climbed as well—some projects have jumped by $15,000–$25,000 since last year, and basement remodels that used to average around $40,000 are now closer to $70,000. It’s more important than ever to factor in swings in material prices, skilled-labour shortages, and the surprises that come with older homes—not to mention weeks without a full kitchen or bathroom during construction.
For families who love their neighbourhood and just need a different layout, a well-planned renovation can be the right fit. I always recommend setting a realistic budget, including a 10–20% contingency, and working with a qualified team to avoid costly surprises. Each family’s goals are unique, and the right advice can help turn these big decisions into confident next steps.
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