Home Renovation Costs in Toronto in 2024

Introduction

Home renovation in Toronto is a significant investment, and the cost can vary greatly depending on the type and scope of the project. With the city’s booming housing market and rising demand for skilled labor, 2024 has brought some unique cost considerations for homeowners looking to upgrade their living spaces. This year, homeowners face fluctuating material prices, labor shortages, and new building code regulations, all of which impact renovation budgets.

In this article, we’ll break down the typical costs associated with various renovation projects, explore the factors influencing pricing, and provide insights to help homeowners budget effectively for their renovations.

1. Factors Affecting Renovation Costs in 2024

Renovation costs in Toronto are driven by several variables. Understanding these factors can help homeowners better plan and budget for their projects:

• Material Costs: Over the past few years, material costs have been highly volatile. Lumber prices have stabilized compared to the spikes seen during the pandemic, but high-quality finishes like quartz countertops, hardwood flooring, and custom cabinetry are still priced at a premium. Expect to pay between $60-$120 per square foot for mid- to high-end materials.
• Labor Costs: Toronto is experiencing a shortage of skilled tradespeople, which has increased labor rates by 10-15% compared to previous years. This shortage affects all areas, from plumbing and electrical work to general contracting. In 2024, the average hourly rate for general contractors is around $80-$150, depending on the specialization.
• Permit and Compliance Fees: The City of Toronto requires permits for most major renovations, such as structural changes, electrical upgrades, or plumbing modifications. Permit fees start at approximately $200 and can go up to $3,000 for complex projects. Compliance with new energy efficiency standards, such as mandatory insulation and HVAC upgrades, can also add to costs.
• Scope and Complexity of the Project: The size and complexity of the renovation heavily influence the final cost. For example, remodeling a small bathroom typically costs less than a full kitchen renovation because it involves fewer systems and materials.

2. Average Costs by Renovation Type

The following breakdown provides an overview of typical renovation costs for different project types in Toronto:

Kitchen Renovations

Kitchens are one of the most popular areas to renovate, often yielding high returns on investment. Costs can range widely based on the size, materials used, and level of customization.

• Basic Kitchen Renovation: $20,000 - $40,000
• Mid-range Kitchen Renovation: $40,000 - $75,000
• High-end Kitchen Renovation: $75,000 and up

High-end kitchens often include custom cabinetry, high-end appliances, and luxury finishes, such as marble or quartz countertops. In contrast, a basic kitchen renovation might focus on refacing cabinets and installing standard-grade appliances.

Bathroom Renovations

Bathroom renovations are another high-impact project but can be more affordable than kitchen upgrades. Costs depend on factors such as plumbing changes, tiling, and fixture quality.

• Basic Bathroom Renovation: $10,000 - $20,000
• Mid-range Bathroom Renovation: $20,000 - $35,000
• High-end Bathroom Renovation: $35,000 and up

A high-end bathroom renovation might include a custom shower enclosure, underfloor heating, and premium fixtures, while a basic upgrade might focus on new tiling and modern fixtures.

Basement Finishing

Basements are an excellent way to add livable space to your home, but they come with unique challenges, such as moisture control and insulation requirements.

• Basic Basement Finishing: $25,000 - $50,000
• Mid-range Basement Finishing: $50,000 - $80,000
• High-end Basement Finishing: $80,000 and up

For high-end finishes, homeowners might add a full bathroom, custom bar area, or home theater setup, significantly raising the overall cost.

Full Home Renovations

For homeowners looking to update their entire property, costs can quickly add up, especially if structural changes are involved. Full home renovations often include kitchen, bathroom, flooring, electrical, and plumbing upgrades.

• Small Home (under 1,500 sq. ft.): $100,000 - $200,000
• Medium Home (1,500 - 2,500 sq. ft.): $200,000 - $350,000
• Large Home (2,500+ sq. ft.): $350,000 and up

Full renovations are ideal for homeowners looking to modernize their property completely or for investors flipping homes for resale.

3. Cost per Square Foot in Toronto

Calculating the cost per square foot is a good way to estimate overall project expenses. In Toronto, the average renovation cost per square foot varies based on the type of project and materials used:

• Kitchen Renovation: $200 - $350 per square foot
• Bathroom Renovation: $150 - $300 per square foot
• Basement Finishing: $100 - $200 per square foot
• Full Home Renovations: $150 - $400 per square foot

Keep in mind that these are averages. Complex structural changes or high-end finishes can push costs significantly higher.

4. Budgeting Tips for Homeowners

Renovations can quickly go over budget if not carefully planned. Here are some tips to help homeowners manage costs:

• Set Priorities: Identify the most critical areas for renovation and allocate your budget accordingly. A kitchen upgrade might take precedence over aesthetic changes in a secondary bathroom.
• Get Multiple Quotes: Obtain at least three quotes from reputable contractors to compare pricing and services.
• Plan for Contingencies: Set aside an additional 10-20% of your budget for unexpected expenses, such as structural issues or supply chain delays.
• Consider Phased Renovations: If your budget is tight, consider breaking down the project into phases, tackling high-priority areas first.
• DIY Where Possible: For smaller projects like painting or landscaping, consider doing it yourself to save on labor costs.

5. Conclusion

Home renovation costs in Toronto continue to rise in 2024, reflecting broader economic trends and increased demand for quality materials and skilled labor. Whether you’re looking to update your kitchen, revamp your bathroom, or undertake a full home renovation, careful planning and budgeting are essential.

If you’re considering a renovation project, contact us at Present Day Contracting to get a detailed quote and professional advice on how to achieve your renovation goals within budget.