Home Renovation vs. Relocation: Planning Your Next Move as a Homeowner
Deciding whether to renovate your current home or relocate to a new one is a big question every Canadian homeowner faces at some point in their lives. Different situations and scenarios come into play, but there is more to consider than just the immediate costs and benefits. This blog article aims to help you navigate this crucial decision by exploring the factors you need to consider, the costs involved, and the pros and cons of each option.
Whether you are looking to save for your child’s future, plan for retirement, or simply find a more suitable living environment, this guide will provide you with the necessary insights to make an informed choice.
What Problem Are You Trying to Solve?
Identifying the core problem you are facing will help you choose between moving and renovating. Here are some common issues:
Growing Family
If your family is expanding and you need more space, adding rooms or expanding your current home might be a viable solution. Alternatively, relocating to a larger home could be a more practical choice. Consider the cost of building an extra room versus the cost of a bigger house in your desired area.
Unsafe Environment
If your current neighbourhood has become unsafe, moving might be the better option. Safety is paramount, and no renovation can change the overall environment of your neighbourhood.
Kid’s Schooling and Amenities
Proximity to good schools and other amenities might be a significant factor. If moving closer to better schools or facilities is a priority, relocating could be more beneficial.
Maintenance and Upkeep Costs
If your current home requires frequent and costly maintenance, such as plumbing or electrical repairs, it might be more cost-effective to consider moving to a newer or better-maintained property. Renovations can sometimes address these issues, but ongoing maintenance costs should be factored into your decision.
Do You Love Your Current Neighbourhood?
If you have a strong attachment to your current neighbourhood, it is worth exploring nearby homes and comparing the costs of relocating versus renovating your current home. Staying in a beloved community can provide long-term emotional and social benefits that are invaluable.
Browse available properties in your area using our featured listings to get a clearer picture of your options.
Is Your Current Home a Good Long-Term Investment?
Determining whether your current home is a good long-term investment involves evaluating several key factors. Consider the overall condition and age of your property, as well as its location within the community. If property values in your area are rising steadily, renovating could enhance your home’s marketability and potentially yield a solid return on investment over time.
Dealing with Renovation Stress
Renovations can be stressful and disruptive. Consider whether you can handle the inconvenience and potential delays that come with home renovations. If not, moving might be a less stressful option. Speak with friends or family who have undergone renovations to get a realistic picture of what to expect.
What Is Your Budget?
Both renovating and moving come with unexpected costs. It is essential to budget for these surprises to avoid financial strain.
Moving Costs
The average local move in Ontario will cost you $90–$120 per hour. Moving out of a 1-bedroom apartment will cost approximately $600–$800, while a 3-bedroom home will cost roughly $1,100–$1,500 for 3 to 4 hours.
Additional crew members cost around $35 per hour. Packing services can range from $600–$900 for a 1-bedroom apartment and $1,500–$1,900 for an entire house. Peak season, fuel surcharges, and travel time can also add to the costs.
Renovation Costs
Renovation costs vary significantly depending on size, materials, and complexity. A low-end home renovation might range from $15,000 to $40,000, while a mid-range project could cost between $40,000 and $75,000. High-end renovations often exceed $200,000, especially for luxury upgrades.
Weigh the Pros and Cons
Pros of Relocating to a New Home
- Fresh Start: Moving provides an opportunity to start anew in a different environment.
- Improved Amenities: You may gain access to better facilities that align with your needs.
- Reduced Stress: Compared to living through a renovation, moving can be less disruptive.
Cons of Relocating to a New Home
- High Costs: Relocation involves real estate fees, legal costs, moving expenses, and potential renovations in the new home.
- Emotional Attachment: Leaving a beloved home and neighbourhood can be challenging.
- Selling Hassles: Listing, staging, and negotiating can take time and effort. Our expert selling services can ease this process.
Pros of Renovating Your Home
- Customization: Tailor your current home to your needs and lifestyle.
- Increase in Property Value: Well-planned renovations can boost your home’s market value.
- Familiarity: Stay in the neighbourhood you already know and love.
Cons of Renovating
- Cost Overruns: Unexpected expenses are common, especially with older homes.
- Disruption: Construction can interfere with daily routines.
- Incomplete Solutions: Some renovations may not fully address your long-term needs.
Making the Right Choice
Ultimately, the best choice is the one that aligns with your long-term happiness and financial goals. Whether you choose to embrace new beginnings or transform your current home into your dream space, your decision should reflect your vision of comfort and lifestyle.
Need expert guidance? Contact The Regan Team to explore your options with confidence.
Aura Poddar
Sales Representative- Associate
Aura works directly with clients to develop a calculated action plan for each property. As a relationship based realtor, Aura will be with you every step of the way throughout the transaction. With over 10 years of experience in Real Estate, Staging, and Interior Design,
Aura showcases her unique perspective in the housing market. She provides her clients with a detailed and strategic approach to real estate in Toronto and the GTA. As a member of Berkshire Hathaway HomeServices West Realty’s Oakville Branch, Aura uses her experience and industry knowledge to identify where to be proactive and innovative to secure the best possible deals for her clients. Aura’s unique edge helps clients achieve success in today’s highly competitive market. Turning your success into a profit story by selling when the time is right and securing the most equity to maximize your satisfaction. With Aura’s dedication and enthusiasm around every aspect of the buying and selling process coupled with her strong and deep rooted desire to help others, you know you’re in good hands!
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Rate Cut Ignites GTA Real Estate
Market Snapshot
The Toronto Regional Real Estate Board (TRREB) September 2025 Market Watch report shows early signs of a GTA rebound.
- 5,592 sales, up 8.5% YoY
- 19,260 new listings, +4% YoY
- Average price ≈ $1,059,377, down 4.7% YoY
- MLS® HPI ↓ 5.5% YoY
- Sales up MoM, listings down MoM → tighter market forming
These numbers point to a slow but steady market recovery. But what’s really fueling the conversation now is the Bank of Canada’s latest decision.
Bank of Canada’s October 2025 Interest Rate Decision
On October 29 2025, the Bank of Canada cut its policy rate by 25 basis points to 2.25% — the second consecutive cut and the lowest level since 2022.
The Bank signaled that this may mark the end of its easing cycle unless inflation weakens further.
Why it matters:
- Borrowing costs drop, boosting affordability for buyers.
- Confidence returns to sellers and investors after months of hesitation.
- Refinancing and investment opportunities reopen for savvy property owners.
In short, this move has re-energized housing markets across Toronto, Mississauga, Oakville, Burlington, and even Muskoka, where buyers and investors had been waiting for the right signal.
What Buyers Should Do Now
- Act strategically: With rates lower and listings up, this is a golden moment to negotiate.
- Get pre-approved quickly — competition could ramp up by early 2026.
- Focus on quality locations like south Oakville, Lorne Park (Mississauga), and core Burlington — where long-term equity growth outperforms.
- For investors: Explore Muskoka vacation homes or rental-ready units before rising demand drives prices back up.
What Sellers Should Know
- Sales are rising despite lower average prices — buyers are re-entering the market.
- Presentation and pricing are everything. Professional staging, premium photography, and data-backed pricing attract serious offers.
- Upsizing or downsizing? With lower mortgage costs, you can move equity efficiently while conditions remain favourable.
- Luxury sellers: Demand for turnkey listings is picking up again — especially in Oakville and Mississauga.
Local Insights
Mississauga & Oakville: Still among the GTA’s most resilient sub-markets. Expect balanced conditions through Q4 2025.
Burlington: Family buyers are back — affordability plus lifestyle make it a top performer.
Toronto: Core condos are stabilizing; investors are returning to well-located downtown units.
Muskoka: Cottage and short-term rental demand remains strong — ideal for diversification and passive-income seekers.
Investor Takeaway
With the policy rate at 2.25% and inflation under control, investment real estate looks compelling again. Expect:
- Better cash-flow margins with cheaper financing
- Gradual price stabilization through 2026
- Long-term upside as population growth and housing supply constraints persist
What To Do Next
- Buyers: Review your mortgage options now — lenders are updating rates.
- Sellers: Get a current market evaluation to plan your listing window.
- Investors: Compare cap rates and projected yields across GTA vs Muskoka.
Need a strategy tailored to your goals? Let’s make your next move your smartest yet.
About Regan Irish & Associates
We specialize in luxury homes, resale properties, and investment real estate across the GTA and Muskoka. Our team’s market insight and negotiation expertise deliver results — whether you’re upsizing, downsizing, or investing.
1320 Cornwall Rd Unit 103, Oakville ON L6J 7W5
905-842-7677
reganirish.com
Call to Action
The market has shifted — don’t wait for the crowd.
Contact Regan Irish & Associates today for a personalized market plan that helps you buy, sell or invest with confidence in Mississauga, Oakville, Toronto, Burlington or Muskoka.
FALL MARKET KICKOFF: September 2025 Real Estate Market Update
As summer winds down, the Greater Toronto Area (GTA) real estate market is shifting once again—this time with an important boost from the Bank of Canada’s recent interest rate cut. On September 17, 2025, the Bank lowered its policy interest rate to 2.5%, marking a significant move that is expected to reinvigorate buying activity across the region.
Market Snapshot: August 2025 (TRREB)
According to the Toronto Regional Real Estate Board (TRREB), August brought encouraging signs of stability:
- Sales: 6,232 transactions across the GTA, a 4.6% increase from August 2024.
- New Listings: 13,119, down slightly year-over-year, helping balance supply.
- Average Selling Price: $982,880, nearly flat compared to last year (+0.4%).
- Trend: Balanced conditions are giving both buyers and sellers room to maneuver, with the recent rate cut expected to stimulate fall demand.
City & Regional Highlights
Toronto 
Toronto continues to see steady demand for condos and townhomes, appealing to buyers looking for affordability in the core. Detached homes are moving more cautiously, but price stability suggests confidence returning to the market.
Mississauga 
Mississauga remains a buyer-friendly market, especially in the detached and semi-detached segments. With borrowing costs easing, families upsizing or relocating may find strong value in the fall.
Oakville 
Luxury demand in Oakville is regaining traction. The combination of limited inventory and lower financing costs positions this market for an active fall season, especially for executive homes and lakefront properties.
Burlington 
Burlington continues to attract buyers migrating west from Toronto. The city’s blend of affordability, lifestyle, and community feel has kept prices steady and competitive.
Muskoka 
Cottage country remains strong, with buyers eyeing investment properties and second homes. While activity softened slightly through the summer, the rate drop could encourage more buyers to act before year-end.
What This Means for Buyers & Sellers
With interest rates now at their lowest level in two years, affordability is improving across the GTA and Muskoka. Buyers who were waiting on the sidelines are expected to re-enter the market this fall, while sellers may benefit from increased competition for well-priced homes.
At Regan Irish & Associates, we specialize in helping clients navigate market shifts with confidence. Whether you’re buying a luxury home, selling a family property, or investing in Muskoka, our market insight and negotiation expertise ensure you get the best results.
1320 Cornwall Rd Unit 103, Oakville, ON L6J 7W5
905.842.7677
Visit reganirish.com——
August 2025 GTA Real Estate Market Update | Regan Irish
The August 2025 GTA Real Estate Market Update reflects renewed momentum and affordability in Toronto, Oakville, Mississauga, Burlington, and Muskoka. Thanks to steady interest rates and appealing home prices, July proved surprisingly dynamic. Let’s dig into the numbers and what they mean for you.
Interest Rates Remain Stable — Affordability Fueling Activity
In July 2025, the Bank of Canada maintained its key rate at 2.75%, its third consecutive pause. With lower borrowing costs now more accessible, affordability is encouraging a wave of renewed buyer activity.
GTA Market Overview: Sales Surge, Prices Slightly Dip
- Home Sales: 6,100+ transactions region-wide, marking a 10.9% increase YoY and the strongest July since 2021.
- Month-over-Month: Seasonally adjusted sales rose 13% from June to approximately 5,744 units, the biggest monthly gain in nine months.
- New Listings: Up 5.7% YoY, totaling 17,613 new offers.
- Price Trends:
- The MLS® Home Price Index (HPI) Composite Benchmark fell 5.4% YoY.
- The average GTA selling price dropped 5.5% YoY to around $1,051,719.
- Word on the street indicates the HPI drifted slightly lower—about $979,000, down 0.2% from June.
What It Adds Up To: Buyers are back in force—sales are outpacing new listings while prices softened, creating renewed market opportunities.
City Highlights
Toronto
A more balanced landscape—but some segments remain soft. Condos and detached homes see inventory rising; semis are steadier.
Oakville, Mississauga, Burlington & Muskoka
While TRREB doesn’t break down by city in these reports, regional trends suggest:
- Mississauga & Burlington: Strong rise in listings and dipping average prices give buyers leverage.
- Oakville: Stability in demand for luxury keeps discounts modest.
- Muskoka: Continued strong interest in sub-$2M waterfront properties should benefit from broader GTA momentum.
What This Means for You
- For Buyers:
Renewed affordability, rising inventory, and favorable interest rates make August a prime time to move. - For Sellers:
A more balanced market—strategic pricing and quick response will be key to success. - For Investors & Cottage Buyers:
Strong July sales in the GTA point to increasing investor interest; Muskoka remains a high-value lifestyle and investment destination.
Work With the GTA Real Estate Experts
Whether you’re planning to buy a Muskoka cottage, invest in a luxurious Oakville property, or explore options across Toronto, Mississauga, or Burlington, now is the time to act.
Regan Irish & Associates specializes in luxury, resale, and investment properties across the GTA and Muskoka. Our market insight and negotiation skills help you get the best results—whether buying, selling, or investing.
1320 Cornwall Rd Unit 103, Oakville, ON L6J 7W5
905.842.7677
Visit reganirish.com
Let’s make today’s market your opportunity—contact us today!