10/29/2026
Toronto Homeowners Choose Renovation Over Moving
As someone who’s spent decades guiding Toronto families through both real estate transactions and home building, I’m seeing more homeowners choose to renovate instead of moving—especially when space or lifestyle shifts are on the horizon. With sales slower and prices softer, many are holding on to those lower mortgage rates and sidestepping land transfer taxes, agent fees, and the uncertainty of where the market will settle next.
Renovation inquiries are up 10% this year, though it’s important to be aware that costs have risen: some projects are $15K–$25K pricier than last year, and basement remodels now range from around $40K to $70K. In my experience, the families happiest with their renovations are those who truly love their neighbourhood and just need their space to work better for them. Still, it’s key to factor in possible surprises—material price swings, skilled trade shortages, the quirks of older homes, permit delays, and weeks without a full kitchen or bathroom can all play a role.
If you’re weighing renovation, set a realistic budget with a 10–20% contingency, define your project scope clearly, and work with qualified professionals. My background in both real estate and construction has shown me that thoughtful planning and trusted advice are essential to making these transitions as smooth as possible.