How Much Does a Home Addition Cost?

Home additions are a great way to build upon your existing home to accommodate your changing needs and lifestyle. While the process is exciting, it can also bring forth a variety of cost-related questions. Read on to discover everything you need to know about home addition costs in Toronto in 2024.

How Much Do Home Additions Cost in Toronto?

The average cost of a home addition in Toronto in 2024 ranges from $90 to $480/sq. ft. depending on complexity, materials, and labour. As an example, a 20×20 room addition might cost anywhere from $36,000 to $192,000.

Typically, home extensions in Toronto are between 250 to 1,200 sq. ft. The average 1,000 sq. ft. addition cost in Ontario falls between $300,000 and $360,000.

Here’s a chart outlining the average costs of Toronto home additions:

*Note: These are average costs which can fluctuate depending on various factors. Contact Lumara Homes to get a quote on your project costs.

What Type of Home Additions Add the Most Value?

The most valuable home extensions are kitchens and bathrooms which have a Return on Investment (ROI) of 50% to 80%. Adding a second storey to a home in Toronto can also significantly increase its revalue.

By expanding the living space vertically, homeowners can maximize their property’s potential, especially in areas where land is limited. Second-storey additions create space for bedrooms, bathrooms, and home offices.

They’re perfect for accommodating growing families or providing options for rental income. Adding a second floor has the potential to enhance a home’s overall aesthetics and curb appeal as well.

Is It Better to Build Up or Outwards?

Building an outward extension is often more cost-effective than building upwards. This is because building upwards often requires extensive structural modifications. These modifications include reinforcing the existing foundation and walls, removing and replacing the roof, and installing support structures to connect the second story to the first floor.

Outwards home additions can be less complex, resulting in lower overall costs. Ultimately, the costs will depend on factors such as the existing structure of your home, zoning and land limitations, and the complexity of the architectural design.

Room Addition Costs in 2024

There are several types of room additions, each with its own cost. Here’s a chart showing the average home addition costs for different rooms:

Factors That Affect the Cost of Your Home Addition

The following are some of the main contributors to home addition costs:

Location

Factors such as the neighbourhood and proximity to the downtown core can both influence the overall price of your extension. Construction costs tend to be higher because of increased demand and limited space for expansion.

Labour

The individuals involved in construction, including contractors, plumbers, and electricians, must receive compensation for their expertise and time. The complexity and duration of the project can impact labour costs, as more intricate designs or longer construction periods may require additional workers. Union rates, overtime pay, and the availability of skilled tradespeople in the area can also impact labour costs.

Architectural Complexity

Architectural features, such as high ceilings, come at a higher cost. When the architecture is more complex, the project requires skilled craftspeople, specialized materials, and longer construction timelines, all of which contribute to increased expenses.

Finishes

High-end and custom finishes lead to a higher overall cost. Standard finishes can offer the same look and feel as any high-end finish, but at a lower cost. Some examples of standard finishes versus high-end finishes are laminate flooring instead of hardwood, prefabricated cabinets instead of custom cabinets, and laminate countertops instead of marble.

Permits

The cost building permits differ based on the project’s size and scope. Permits for new additions in Toronto cost $17.16 per square meter (m2). To illustrate, if you were constructing a 1000 sq. ft. home extension, the permit cost would be $1,595.88.

How to Save on Home Addition Costs in 2024

There are many ways to save on your home addition costs without compromising your vision.

Here are a few cost-saving strategies for your home extension:

• Use existing structural elements like shared walls or foundations to minimize construction costs.
• Include open floor plans to reduce the need for additional walls and doorways.
• Choose standard materials and finishes.
• Set aside an extra 10% to 20% of your budget to cover unforeseen expenses or repairs during construction.

Key Takeaways

In 2024, the cost of home additions in Toronto will vary significantly based on size, complexity, and materials, with kitchens and bathrooms providing the best return on investment. Whether building up or out, careful consideration of your home’s existing structure and design preferences is essential. For more information on Toronto home addition costs in 2024, contact Lumara Homes to book your Discovery Call today.

Related Article: Top 6 Home Addition Ideas