Average Home Renovation Costs
The average cost of home renovations in Canada varies based on several factors such as the type of renovation, location, and the size of the project. Here are some key points to consider about the average home renovation costs in Canada:
- General Rule for Budgeting: Homeowners are advised to budget 1% of their home’s value each year for ongoing maintenance and improvement.
- Kitchen Renovation Cost:
- Average cost: $25,000 to $50,000.
- According to the Appraisal Institute of Canada, homeowners should spend up to 10% to 15% of the overall value of their home on kitchen renovations, and up to 15% to 25% if it’s a “forever home”.
- Bathroom Renovation Cost: The average cost to renovate a bathroom is around $20,000 and up, and homeowners should budget up to 5% of the value of their home for a bathroom renovation.
- Painting Cost: A fresh coat of paint can cost $10,000 and up, depending on the size of the space, quality/brand of paint, and labor expenses.
- Full-Home Renovation:
- Low-End: $15,000 – $40,000
- Mid-End: $40,000 – $75,000
- High-End: $75,000 – $200,000
- Complete Gut Renovation: $100,000 – $200,000.
- Kitchen Renovation in Calgary: The cost ranges from $19,000 to $72,000 on average.
- Bathroom Renovation Cost: Typically falls in the range of $5,000 – $25,000.
- Basement Conversion Cost: Ranges from $20,000 to $75,000, depending on the type of material used.
- Exterior Upgrades: Usually cost around $5,000 – $10,000 and involve refreshing landscape, garage, or window replacement.
- Factors Influencing Cost:
- Age, size, labor quality, complexity, timeframe, DIY versus hiring a contractor, fixtures/finish quality, and other costs can influence the overall budget. Here an interesting article on home reno among baby boomers.
- Tips for Managing Renovation Costs:
- Set a realistic budget, prioritize needs over wants, reuse and repurpose materials, and obtain multiple quotes from contractors.
- Here’s another source on reno costs in Canada: cost of home renovation.
