How does a renovation affect real estate prices in the greater Toronto area?

A renovation can give a house added value, but the amount depends on the location in the greater Toronto.

More than half (64 percent) of the potential buyers of homes are more looking for renovated houses than according to Fixeruppers, a survey of the digital real estate agent Wahi defined last year.

But how much more is this new renovation worth?

In a new study, Wahi examined how renovation work can influence the price of a house.

In addition, Wahi analyzed almost 100,000 entries for single -family houses that were sold throughout the GTA between the early 2023 and the end of the first quarter of 2025. Wahi compared the sales prices for the lists in which renovations were mentioned, and those who did not do this.

Wahi found that the median price for renovated houses in GTA in GTA $ 1,200,000 compared to $ 1,152,000 fraud-a difference of $ 48,000 or about four percent.

“The latest Wahi analysis gives us an idea that gives us an idea of ​​the premium that home buyers offer on renovated houses,” says Benjy Katech, CEO of Wahi. “However, every house is different. How much more a renovated house sells depends on countless variables, including the local market conditions, the quality and style of the build and the overall investment, to name just a few.”

Where the house is in the GTA seems to be a factor.

On a percentage, the city of Toronto had the largest price difference between renovated and non -renewed houses in the region, said Wahi.

The average price of a renovated house was $ 1,339,000 in Toronto. That is $ 89,000 higher than the average price for non-renewed houses ($ 1,250,000), which corresponds to a difference of approximately seven percent.

“This makes sense because the single -family house in Toronto is older than that of the surrounding trends of prehistoric regions in which more recent developments are available,” said Wahi in the report.

In other parts of the GTA, renovated single-family houses sold more than two to five percent more than apartments without improvements with an exception. There was no significant difference in the York region in the pricing between renovated ($ 1,368,000) and not renewed ($ 1,370,000).

The space or part of the renovated house probably also has an effect. In the Wahis 2024 survey, the most sought -after characteristic of a house was the back yard, but also a renovated kitchen or a bathroom.

In a recently carried out report by Re/Max, some of the top changes for the best return for a homemade, a painting, a kitchen renovation and a renovation of bathing rooms was found.

Wahi noted that her study did not take into account the types of projects for improvement that the sellers made onto the market before posting their property, only that it indicates a renovation of any kind in the list.

A renovation could include everything from a complete restoration project or a redon powder room. About 66 percent of the GTA lists that have been sold since 2023 refer to any form of renovation.

See Wahi's full report here.

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