One of the most common questions I hear from my clients in Toronto’s luxury real estate market is: “Should I renovate or should I move?” It’s not always an easy answer—and honestly, it really depends on your lifestyle, your long-term goals, and the emotional connection you have with your current home.
Having worked with many families and individuals over the years, I’ve guided clients through both paths—some who’ve completely transformed their existing homes, and others who decided that a fresh start in a new space was the right move. If you’re sitting on the fence about what to do next, I hope this blog will help you weigh your options and feel more confident in your decision.
The Case for Renovating: Customizing What You Already Love
If you love your location and your property has good bones, a renovation can be a fantastic option. Especially in luxury neighborhoods like Rosedale, The Annex, or Forest Hill, many homeowners prefer to stay where they are and invest in upgrades that reflect their evolving lifestyle.
Renovating allows you to tailor your space exactly the way you want it—from custom closets and wine cellars to spa-inspired bathrooms or a gourmet kitchen built for entertaining. And in many cases, a thoughtful renovation can significantly boost your property’s value, especially if you’re upgrading kitchens, bathrooms, or adding square footage.
But here’s the reality: renovations are not always quick or easy. They can be costly, time-consuming, and stressful—especially with permitting delays and contractor shortages in the city. You’ll need patience, a solid budget (with a cushion for unexpected expenses), and a trustworthy team to help bring your vision to life.
Ask yourself:
- Do I love my neighborhood and want to stay here long-term?
- Is the structure and layout of my current home conducive to the changes I want?
- Can I live through the disruption, or will I need to move out during construction?
- Will the money I invest add meaningful value to the property?
If you answer “yes” to most of these, a renovation could be the perfect fit.
The Case for Relocating: A Fresh Start, Without the Dust
Sometimes, it’s not just about needing more space or a new kitchen—it’s about lifestyle changes. Maybe your family is growing. Maybe the kids are gone and you’re ready to downsize. Or maybe you just want a more modern home with less upkeep.
In those cases, relocating makes a lot of sense. You can prioritize your “must-haves” and “nice-to-haves” and look for a property that already checks those boxes—without needing to go through months of construction.
Toronto’s luxury market offers a wide range of high-end homes with stunning architecture, top-tier finishes, and cutting-edge amenities. In neighborhoods like Yorkville or King West, you’ll find beautiful condos with concierge services, gyms, and private terraces. In the Bridle Path or Lawrence Park, you’ll find grand estates with lush gardens and room to grow.
The biggest benefit of relocating? You get to step into your dream home right now, instead of waiting six to twelve months for renovations to wrap up.
Ask yourself:
- Am I craving a new space or a new neighborhood?
- Do I want to avoid the hassle of construction and timelines?
- Am I open to selling my current home and buying in today’s market?
- Is my current home missing features that can’t be added through renovation?
If these resonate with you, it might be time to start exploring what’s out there.
The Financial Perspective
There’s also the numbers game to consider. Renovating can quickly become expensive, especially for large-scale projects. You’ll want to compare the cost of the renovation with the cost of selling your home and buying a new one, including land transfer taxes, moving costs, realtor fees, and potential renovations in the new place (yes, sometimes even a new home needs tweaks!).
It helps to get professional estimates for both options. I often recommend that clients speak with a contractor and a mortgage broker before making their decision—so you can see the full picture financially and avoid surprises.
A Balanced Approach
Sometimes, the best solution is a mix of both. I’ve had clients who did minor renovations—like redoing a kitchen or updating bathrooms—to boost their current home’s value before selling it. This gave them a better return on their sale and more budget flexibility to purchase the home they truly wanted.
Others chose to relocate but bought a property that needed some cosmetic upgrades. Since the layout and location were right, a bit of updating allowed them to customize it to their style without a full renovation.
Final Thoughts: Your Lifestyle Should Lead the Way
At the end of the day, your home is where you live your life—it’s your sanctuary, your gathering space, and your investment. Whether you decide to renovate or relocate, the most important thing is that your home works for you.
Think about how you live now, how you want to live in the next five to ten years, and what truly matters to you—location, style, function, or flexibility.
As always, I’m here to guide you through either journey. Whether it’s helping you find the perfect home or advising you on where to invest in your current one, I believe in making decisions that support your goals and enhance your lifestyle.