Canadian homebuyers sure like their homes renovated.
In fact, Wahi’s 2024 Great Canadian Dream Home Survey showed that 64 per cent of potential homebuyers prefer renovated homes over fixer-uppers or tear-downs.
Greater Toronto Area (GTA) -wide, the median price for renovated homes was $1,200,000, compared to $1,152,000 — a difference of $48,000, or roughly 4 per cent.
That’s good news for owners of renovated homes who are looking to sell in today’s buyer’s market, though exactly how much a reno will pay off depends on the individual home.
“The latest Wahi analysis gives us an idea, in broad terms, of the premium that homebuyers put on renovated homes,” says Wahi CEO Benjy Katchen. “However, every home is different. How much more a renovated home sells for depends on myriad variables, including local market conditions, quality and style of the build, and overall investment, to name a few,” he continues.
Different home features also appeal to different buyers, as Wahi previously highlighted with its 2025 What Homeseekers Want Survey. While the survey found that a backyard is the most sought-after feature, a renovated kitchen or bathroom also ranked highly. Some 59 per cent of respondents cited it as one of their top five features, making it the second most popular attribute, beating out finished basements, garages, and more than 20 other options.
Renovated homes in the City of Toronto command the highest premium
Within the GTA, the biggest price premium on renovated homes was observed in the City of Toronto. There, the median price of a renovated home was $1,339,000. That’s $89,000 higher than the median price for non-renovated homes ($1,250,000), representing a difference of about 7 per cent.
On a percentage basis, the City of Toronto had the biggest pricing difference between renovated and non-renovated homes in the region. This makes sense, given Toronto’s single-family housing stock is older than those of the surrounding suburban regions, where there are newer developments to choose from.
In other parts of the GTA, renovated single-family homes sold for about 2 per cent to 5 per cent more than dwellings without any listed improvements — with one exception. In York Region, there was not a significant difference in pricing between renovated ($1,368,000) and non-renovated ($1,370,000) single-family homes.
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