What is the Cost of Basement Renovations in Toronto and The GTA?

The cost of basement renovations in the GTA depends on several factors, including the potential plan for the basement. For instance, the pricing for basement finishing depends on whether you are working with an open-plan or a more robust plan with kitchen and rooms. Renovating your basement is a great way to increase your home's value and reclaim more livable space. 

It may be on your mind to increase your home's value or expand your family's living space. However, the cost to renovate your basement will depend majorly on how elaborate you want the upgrades to be. 

In the GTA, many homeowners want to finish their basements. However, a sizeable percentage of that group loses interest because they fear the cost of basement renovations. The cost of living in Toronto is relatively high — a fact that also affects the basement renovation industry. From materials to transport, licensing and labour, each of these core components of basement finishing affects the overall price of the process. However, we feel that understanding how the cost evaluation works will help you make a well-informed decision.

Are you considering basement renovation in the GTA? Are you exploring the possibility of creating your 'dream' basement? Well, there are a few questions that may help you reconsider your options. 

Questions like; how much will my basement renovation cost? Is the cost of basement renovations worth it? Should I get a professional basement renovation company? 

How do I save some costs from the process? All of these are possible questions you may want answers to. This article covers everything you need to know about the pricing for basement renovations in the GTA.

What is the Cost of Basement Renovations in the GTA

The average basement renovation costs in Toronto and the GTA may range from $35,000 to $ 65,000. However, renovation costs for a high-end basement with several installations can go beyond $65,000 depending on the materials and components involved.

Below is a breakdown of the cost evaluation of basement renovation in 2020 / 2021.

The Electrical Appliances

The basement electrical costs may include appliance connections, wiring, and light fixtures. It may also include some necessary upgrades for controls and separation as per electrical safety codes. If you are not looking for very high-end light fixtures, then the total electrical cost may range from $2,500 to $3,500.

The Basement Drywall Installation

While we talk about a basement renovation, it's less likely that you may need an entirely new wall. You may have to make some modifications or patchwork. For that, the drywall cost may go for a minimum of $500. Count an additional $700 to $1000 if you have a small new wall or major area drywall replacement.

You can still consider around $8 to $12 for every installed panel per square foot — all-inclusive, ready to paint. Notably, drywall installation costs often vary per square foot.

The HVAC System

HVAC means Heating, Ventilating and Air Conditioning. The most important aspect of a good basement is ventilation. Having an existing basement hood and exhaust duct is essential in planning a basement. This will make your life much more comfortable during renovation, especially if it's in proper working condition. 

Installing a new exhaust duct and range hood may cost around $1300 to $1600, which may involve some other modifications. If there is no new ducting involved for exhaust, some minor modifications may cost about $700 to $900.

The Basement Plumbing 

Plumbing costs may include running water supply and running the bathroom sewage. If the basement includes a kitchen, the cost may include relocating the sink or installing a new sink. In some cases, you may want to change some old accessories and fittings like traps and valves etc. 

All of these will add up and thus influence the total pricing for basement renovations. However, you may decide to stick to your existing set up of piping layout without significant changes. For this, the plumbing cost may range between $1000 to $2000.

Also, changing the location of appliances means you're changing every piping associated with it. So, a small change or relocation of 1 ft may cost you more money. In some cases, the extension of 1 ft or 5ft length may cost you nearly the same amount. This is because a shorter distance doesn't necessarily save the amount of labour work.

As one of the best basement renovation contractors in the GTA, we aim to ensure that your renovation cost remains affordable. We are upfront about our pricing and will always find ways to ensure your project is delivered within budget. 

Factors that Determine the Cost of Basement Renovations in the GTA

Size isn't the only essential factor that determines how much it will cost to renovate your basement. One major component is the cost of labour. You see, even skilled contractors can’t do everything themselves.  

Below are other factors that affect the total cost of basement renovations in the GTA. 

The size of your basement

The size of the basement can easily determine the cost of renovating it. Notably, most projects, such as installing flooring and hanging drywall, are priced as a function of square footage.

The bigger your basement, the more you will have to spend to get these projects done. Simply put, bigger space means a more significant amount of investment.

Your Basement Location

Another factor that can affect basement renovations costs in Toronto is your locality. Where you live can affect the total cost of your basement renovation project. This is because each province, city, and state in Canada has its own rules, regulations and building codes. 

For instance, homeowners in Toronto may need to spend thousands of dollars on permits to renovate their basement. In the same context, homeowners in Vaughan may only have to pay a few hundred on the same licenses. Additionally, it is better to look into the cost of obtaining permits in the GTA before starting your basement finishing project. This will help you draw out your plan systematically with all details considered.

Details of the Basement Plan

The details of your plan will have a significant impact on the final cost of the project. You should expect to pay more if your plans include structural changes, expensive materials, rewiring, or new plumbing. The basement renovation prices will also increase if you plan to transform the space by adding a closet, bedroom, bathroom, kitchen, or other living space.

How to Minimize the Cost of Basement Renovations

Designing for a more modest project will help you save money. If you decide you don't need other facilities such as a kitchen, bar, or bath in your basement, you'll save a bundle of money. There are other ways to cut costs, too. You can decide to paint the walls yourself or with the help of friends and family — ensure you have pizza ready for everyone.

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You can also choose more modest materials and furnishings. Of course, you don't want to appear cheap on some essential elements. Insulating the basement or keeping water from leaking into the flooring are some of the features you don't want to skimp on. However, you can choose to be more modest for curtains, hardware, and furnishings. 

As with any renovation, it's better to get quotes from a few basement renovation contractors in the GTA. That way, you can compare prices and maybe even negotiate a better deal.

Conclusion

The general cost of basement renovations in the GTA ranges from $40 to $60 per square foot. In some cases, some people may claim that basement renovation will run you for a minimum of $85. 

Before making a decision, it's essential to consider the factors that may influence the pricing for basement renovations. Remodelling or renovating your basement offers a significant return on investment.

Affordable basement renovation works well with an open-plan design, such as a studio or gym centre. Also, hiring a general basement renovation contractor in the GTA will help you save unnecessary costs during the renovation. 

At Basement Bro, we can help you draft out your renovation expenses based on a desired structural plan. If you're looking for cost-effective basement renovation in the GTA, we are your best option. Find out how much your basement renovation will cost. Get a FREE quote when you contact us!