As many Toronto homeowners weigh their next move, I’m seeing a clear trend: more are choosing to renovate rather than sell. With slower sales and softer prices in our market, it makes sense—especially for those who want to keep their lower mortgage rates and sidestep extra costs like land transfer taxes and agent fees. Renovation inquiries are up 10% this year, but it’s important to remember that project costs have also risen—some by $15K–$25K, and basement remodels can now reach $70K.
For families who love their neighbourhood but need more space or a new layout, renovating can be the right move—but it’s not without challenges. Material price swings, skilled labour shortages, surprises in older homes, and permit delays can all add time and stress. I always recommend a realistic budget, a 10–20% contingency, and working with trusted professionals. As someone who specializes in comparative market analysis, I know how these decisions fit into the bigger picture of your investment. Whether you’re renovating or selling, understanding your options is key to making the best choice for your family and future.
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