Just sold our North York bungalow after completing renovations over 4 years. Wanted to share what we actually recovered at sale versus what we spent, since the ROI estimates you read online always seem optimistic.
The house: 1965 bungalow in Willowdale, bought in 2019 for $920,000, sold in late 2025.
Renovations completed:
- Full kitchen renovation (2020): $52,000 spent. Our real estate agent estimated it added $40,000-$55,000 to value. We think this was accurate — competing listings without updated kitchens were priced $40,000-$60,000 below ours per sq ft.
- Two bathrooms (main + ensuite, 2021): $38,000 total. Agent estimated +$30,000-$40,000.
- Basement finishing with secondary suite (2022): $95,000. This one was complicated — the suite did add value but also complicated the sale (buyers didn’t want a tenant). At vacant possession, we estimated +$80,000-$100,000.
- Electrical upgrade 100A to 200A (2023): $4,800. Not reflected in price directly, but prevented 3 buyers from walking who’d had inspection issues with 100A panels elsewhere.
The honest bottom line: We spent approximately $190,000 in renovations over 4 years. The house sold for about $165,000 more than comparably-sized unrenovated bungalows in Willowdale at the same time. Direct ROI was roughly 87% — but the house sold in 12 days with multiple offers while others sat. The intangible value of a fast, competitive sale in a soft 2025 market was significant.
My advice: Renovation ROI in Toronto is real but not what HGTV suggests.