Toronto Homeowners Choose Renovation Over Moving

Slower sales and softer prices are pushing some Toronto homeowners to renovate rather than sell or move, especially households weighing space or lifestyle changes.
Homeowners want to keep lower mortgage rates and avoid land transfer taxes, agent fees, and uncertainty about whether prices have fully stabilized.
A contractor saw renovation inquiries ↑10% yearly, while some projects cost $15K-$25K more than a year earlier and basement remodels moved from ~$40K to ~$70K.
Homeowners still need room for material swings, skilled-labour shortages, hidden issues in older homes, permit delays, and weeks without a full kitchen or bathroom.
Renovating fits best for families who love their neighbourhood and need layout changes, but experts urged realistic budgets, 10%-20% contingencies, firm scope, and qualified teams.