The fixer-upper you're imagining and the fixer-upper you can actually afford are two different things. Since 2020, renovation costs have risen roughly 35% across Canada, driven by supply chain disruptions, labour shortages, and more recently, tariffs. What once seemed like a bargain can now easily tip into six-figure territory, but many buyers are still imagining pre-COVID reno costs.
Take windows, for example. In Vancouver, B.C., prices are up 40% since 2020; in St. John's, N.L., they're up 44%. When one Ontario homeowner shared a $45,000 quote to replace 18 windows, the responses came quickly: “We replaced 18 windows last year. Total cost was $45k,” wrote one user, while others chimed in with estimates ranging from $1,200 to $3,000 for a single window. “That does seem high but who knows,” said another user. “Things be crazy these days.”
And it's not just windows. In Calgary, Alta., renovation costs have risen by more than 33% since 2020, according to StatsCan’s Residential Renovation Price Indexes (RRPI), which tracks contractor charges for materials, labour, equipment, overhead, and profit across 15 metropolitan areas. (Toronto is up more than 43% over the same period; for Halifax, 30%.)
Meanwhile, the average benchmark home price in Calgary is $560,500. Fixer-uppers generally sell below market, but the math isn’t always in buyers’ favour: a $450,000 fixer-upper with $150,000 in renovations climbs to $600,000 – about the same as the cost of many move-in-ready homes, depending on the neighbourhood. And what classifies as house as a "fixer-upper" can be subjective.
"Fixer-uppers exist on a spectrum, from homes needing purely cosmetic updates – new flooring, updated bathrooms – all the way up to full gut jobs or structural additions," said Collin Brown, a realtor with Heaps Estrin in Toronto. "Most buyers and realtors, when they say fixer-upper, are talking about somewhere in the middle of that range." Historically in the GTA, that kind of home might trade anywhere from 5% to 20% below what a comparable turnkey home would sell for – but Brown says buyers are seeking a bigger discount than they used to. "Buyers are factoring in more risk and uncertainty, and they're less willing to pay up for something that needs work," he said.
The costs add up faster than most buyers expect. According to Michael Romagnuolo, vice president of construction at Innovation Building Maintenance, a Mississauga, Ont.-based construction company, a new roof can cost $13,000 to $17,000, while rewiring a 2,500-square-foot house may run $18,000 to $20,000 for modern pot lights, new outlets, and an updated panel. Insulation in the walls, a cracked foundation, or leaky windows – these problems can quickly add thousands of dollars in repairs. Put a few of those together, and the renovation budget climbs well into the six-figure range, narrowing the gap between a fixer-upper and a move-in-ready home.
In 2026, whatever you save on the purchase price has a good chance of disappearing the moment you start calling contractors.
Renovation quotes can vary wildly. Romagnuolo has seen bids for the same job come in at $300,000 from one contractor and $150,000 from another – the realistic number, he said, is usually somewhere in the middle. The estimates below are for a 2,500-square-foot home in the Greater Toronto Area, where Romagnuolo said labour costs tend to run higher than elsewhere in Canada. Material costs are relatively consistent nationwide, but if you're outside the GTA, calling local contractors is the best way to get a number that actually applies to you.
Insulation
Budget between $1,500 and $2,000 for new insulation to cover any inadequate areas or to top up attics or crawlspaces. Extra insulation will help extend the lifespan of air conditioners and furnaces, which cost around $3,000 to $4,000 and $5,000 to $7,000 to replace, respectively.
Plumbing
“Plumbing is a tricky one because it can vary so much,” Romagnuolo said. If you’re keeping the layout exactly the same and just updating fixtures, budget $5,000. But rerouting, moving, or adding washrooms could cost between $15,000 and $17,000, due to the added work of breaking up floors and running new sewer lines back to the main sewer line outside the house.
Kitchen
“The kitchen is typically the biggest mover in a house,” Romagnuolo said. “I would say about $20,000 to $25,000 would be sufficient for most people." That would include a quartz countertop ranging between $5,000 and $6,000, and extras like dedicated spice drawers, an island, and pull-out garbage racks.
“Custom kitchens can go crazy,” Romagnuolo said. “I’ve installed kitchens for upwards of $150,000.”
Flooring
Ripping out floors and replacing with brand-new engineered hardwood (which Romagnuolo generally prices between $4 and $6 per square foot) would cost around $14,500. Refinishing existing hardwood floors would be around $4 per square foot, or around $8,000. “That’s one way to update and modernize the floors while keeping costs down a little bit and put the money elsewhere,” he said.
Doors and trimwork
To install new doors and trim throughout, expect to pay around $12,000 to $15,000 for a middle-grade trim to cover 15 doors and around 2,000 linear feet of casing and baseboard. This is the price for what modern homeowners are choosing these days: a five-inch baseboard with two-inch bevel and a single panel door.
Paint
Paint is one category that DIYers tend to tackle themselves – to varying results. But to hire the pros to paint a 2,500-square-foot home top to bottom, including baseboards and casings, it costs around $10,000. “Painters are the ones that bring everything to life,” Romagnuolo said.
Bathrooms
To renovate a master bathroom, expect to pay around $15,000, which covers new tile, new bathtub, vanity, and toilet. Smaller powder rooms or en-suites would run around $10,000 to $12,000.
Total price
If you’re planning a complete renovation for a 2,500-square-foot home in Canada – including a new roof, new electrical, new floors, new kitchen, and new bathroom – it could range from $97,500 on the lower end to upwards of $135,500, depending on what needs to be done. For a high-end custom kitchen, it would be more like $235,500. Add another 15% to 20% on top to cover unexpected costs – like a basement wall not carrying an upstairs load, a lack of insulation, or incorrect venting for plumbing fixtures. That puts you closer to $160,000 – and that’s without replacing all your windows.
Six years ago, a fixer-upper was a genuine opportunity. You got a house for less, took on the work, and the numbers actually made sense. They don't anymore. In 2026, whatever you save on the purchase price has a good chance of disappearing the moment you start calling contractors. On the ground, Brown is noticing the same thing. "Many are prioritizing move-in ready homes, even if it means compromising slightly on location or size," he said.
There are still situations where fixer-uppers make sense, like a neighbourhood you couldn't otherwise get into, having enough cash to absorb the reno surprises, or the skills to do a lot of the work yourself. But those are rare exceptions. For most buyers, the fixer-upper discount isn't much of a discount anymore.
