How Much Will Your Markham Home Renovation Cost this Year?

Setting a budget is one of the most important parts of the renovation process. Without a realistic budget, it’s impossible to determine if you can expand your home with a kitchen or master bedroom addition or will need to focus on a remodel that makes the most of your existing space. Unfortunately, it’s not easy to determine how much money you'll need to set aside for a renovation in Markham.

Average Costs for Markham Renovations in 2024

If you’re considering renovating your York region home, you’re not alone. The COVID-19 pandemic prompted many homeowners to tackle a remodeling project this past year. In fact, 31% of homeowners started renovations in 2023, according to a CIBC survey. The trend is expected to continue in 2024, with 27% of homeowners planning renovations. 

Although selling an outdated or small home might sound like the simplest solution, Canadians aren’t interested in putting their homes on the market. The survey noted that 63% percent of homeowners weren’t swayed by low-interest rates that make buying a new home seem appealing. Instead, Canadians are opting to stay put and renovate their homes to get the space and upgrades they want.

If you’re among the many homeowners considering a home renovation, the cost is probably uppermost in your mind. So how much can you expect to pay for a renovation?

According to Home Stars, an average kitchen renovation in Canada can range from $13,000 for a minor renovation to $40,000 or more for a more extensive or expensive remodel. (That upper estimate may be a little low, as upscale kitchen renovations can easily top $150,000.) An article in the Toronto Guardian estimates the cost of bathroom renovations between $15,600 to $45,600 for a 10 X 10’ room. 

In our area, main floor renovations, like this Master Edge Home project in Markham, cost between $180,000 and $250,000. A whole-house renovation that upgrades the main and second floors of your home may cost between $400,00 to $600,000.

Factors That Affect Home Renovation Costs

Renovation costs vary substantially depending on these factors:

• Square Footage: Generally, the bigger the space, the more you’ll pay. Larger rooms require more materials and have higher labour costs. Of course, sometimes small rooms, like bathrooms, can be just as expensive to remodel, especially if the plumbing or electrical lines must be added or rerouted. 
• Complexity: Will your remodel require updating plumbing, electrical lines, or the heating, ventilation, and air condition (HVAC) system? These renovations may be pricey but are absolutely essential for your safety and comfort. Adding vaulted ceilings, skylights, fireplaces, and other features or reinforcing your foundation to handle the weight of an addition could also increase your costs.
• Location: If your home is far from major highways and towns, you may also pay more for your renovation. Houses built on steep slopes or hard-to-reach sites could affect the price a Toronto custom home renovator will charge.
• Materials and Labour: Outfitting your kitchen with a marble waterfall island, custom-made teak cabinets, and appliances any chef would envy will obviously result in a higher price tag. Features that require the services of master craftsmen or specialized tools will increase the amount you pay for labour. Of course, the higher cost will be well worth the expense when you see your renovation for the first time.
• Site Preparation and Permits: Depending on the work needed, permit costs may range from hundreds to thousands of dollars. If you’re building an addition, you also need to pay to get your site ready for building. Your builder may need to remove rocks, trees, and debris and create a temporary access point for contractors. Removal of trees, shrubs, and rocks may also be needed to give crews space to renovate your home’s exterior or add decks or patios. 
• Unexpected Challenges: You never know what you’ll find when you open a wall. Leaky pipes, rotted wood, or unsafe electrical work can bump up the price tag for your remodel. While it's a good idea to set aside a little extra money to help cover any unexpected cost, working with an experienced design-build company can reduce these unplanned expenses. At Master Edge Homes, we reduce this risk by identifying potential issues before we start the renovation.

Need an Estimate for Your Markham Residential Renovation? Master Edge Homes Can Help

With so many variables, it is impossible to give you an exact cost for your renovation. However, with our strategic and proven planning process involving our dedicated design team, we will explain individual cost factors and help you create a precise renovation budget.

We can also offer suggestions and solutions that will stretch your dollars further and help you avoid design changes that could increase your total cost.

Would you like to find out exactly how much your renovation will cost? Contact us and we’ll arrange a convenient and complimentary home renovation consultation.