The cost of renovation in Toronto can vary widely depending on various factors. The size of the renovation project, the type of renovation, the quality of materials used, and the contractor hired. Being aware of your renovation cost and do the right budgeting before starting your project is a must. As of 2021, the average cost of a moderate renovation in Toronto is estimated to be between $100 and $300 per square foot. This would include basic upgrades such as new flooring, painting, and minor repairs. For a more extensive renovation, such as a kitchen or bathroom renovation, the cost can range from $20,000 to $60,000 or more. Depending on the scope of work and quality of materials used those numbers can change. In this blog we are going to give you some tips regarding your renovation cost and budgeting for your remodeling project.
It is important to note that these are only estimates and actual renovation costs can vary widely based on many factors. Always get multiple quotes from different contractors and compare them carefully before making a decision. Additionally, it’s important to work with a reputable contractor who has experience in handling full house renovations. it is important to ensure that the project is completed on time and within budget.
Budgeting for a renovation project in Toronto can be a challenging task. Here are some steps that can help you to create a budget plan:
- Define your renovation goals: The first step is to determine what you want to achieve from the renovation. Do you want to improve the functionality of your home or increase its aesthetic appeal? Identifying the goals of the project will help you to create a realistic budget.
- Determine your budget: You should determine how much money you can afford to spend on the renovation project. This includes both the materials and labor costs.
- Research the costs: Before starting any project, it is important to research the cost of materials and labor. You can do this by talking to contractors, getting quotes. You can also look up the average costs for your specific project in Toronto.
- Prioritize your expenses: Once you have determined your goals and budget, prioritize your expenses. Identify the items that are most important to you and allocate more funds to those areas.
- Build in a contingency fund: Unexpected costs can arise during any renovation project, so it’s a good idea to build in a contingency fund of at least 10-15% of the total budget to cover any unforeseen expenses.
- Monitor your expenses: As the renovation progresses, keep track of your expenses and adjust your budget if necessary. Regularly monitoring your expenses can help you to stay within your budget and avoid overspending.
By following these steps, you can create a realistic budget for your renovation project in Toronto. You can also ensure that you stay on track throughout the process.
Unexpected renovation costs
Budget for permits, Design and other behind the scene expenses. in case of the need for involving professional designers there will be usually a flat rate that they charge. Building and city permits are important too. Sometimes they require an architect or an insurance coverage minimums or a security deposit to take care of any possible damage. The cost of permits can be very high with pluming permits sometimes going as high as 5000$. Overhead costs can be challenging to estimate and must be predicted in your renovation cost and your project budgeting. Although you can draw specific figures for labor, this too is heavily affected by certification and other requirements. Aside from hourly cost of labor typically licenses and insurances are incorporated that are causing additional costs.
Is there a difference between cost of house renovation vs condo?
Yes, there can be differences in the cost of renovating a house versus a condo in the Greater Toronto Area (GTA). As we mentioned previously, the size and age of the property, the complexity of the renovation project, the quality of materials used, and the location.
In general, renovating a condo can be more cost-effective than renovating a house because the size of a condo is typically smaller. There may be fewer structural changes required. However, there are other factors to consider, such as the condo building’s rules and regulations, which may affect the renovation process and cost.
Additionally, renovating a house in the GTA can be more expensive than renovating a condo because of the higher costs associated with detached or semi-detached homes. For example the need for building permits, higher labor costs, and the need for specialized contractors for certain tasks.
Ultimately, the cost of renovation depends on many factors, and it is best to consult with a professional contractor for an accurate estimate. For more information you can go through our previous blogs regarding the renovation Trends 2023 and the full house renovation!