Twelve-storey condo owners in midtown Toronto, facing financial pressures, are cutting costs by choosing quick-to-complete renovations. Rising mortgage rates and a cooling real estate market are fueling this trend. According to the latest National Association of Home Builders Remodeling Market Index, 34% of remodelers plan to increase spending on renovations in 2026. That’s a huge jump from just a year earlier. Among owners age 18-34, an astounding 43% focus on improving their existing homes. This rising trend illustrates their focus on upgrading existing communities rather than looking for new units.
Indeed, Mark Dayter, CEO of Moose Condo Reno, an on-demand condo remodel service, has said that they’ve seen a spike in demand for the remodeling of older units. Numerous condo owners commented that their homes had enclosed kitchens and walls blocking the flow of open space, leading to a desire to reconfigure their condos. As families have grown, the need for more space within these units has been amplified.
Financial conditions are a major driver of this trend. At present, more than two-fifths of condo owners are not moving because of terrible economic times. Rather than move, they’re opting to invest in renovation. The Toronto Regional Real Estate Board just declared a state of emergency in their housing market. By the fourth quarter of 2025, just 3,880 condos were selling, a 15% drop compared to 2024. The average selling price for condos decreased 5.1% to $652,945. At the same time, newly listed properties were down 8.1% compared to a year ago.
Colleen Mc Grory with HomeStars mentioned that homeowners are putting a lot of thought into making the most of the spaces they already have. “OK, we need to make the space that we have work,” she stated, emphasizing the importance of adapting current homes to meet evolving needs.
Home renovation trends are moving more towards adding individualistic flair to home interiors. Additionally, most condo owners yearn for improvements that highlight their individual personalities. Mostly, they want to escape the prefab aesthetic that has taken over much condo development. “Every condo is kind of the same when they’re constructing the building. You finally got your own space, but it might not feel like you,” Mc Grory added.
Homeowners in condo communities face unique challenges when they decide to renovate their living spaces. Linda Pinizzotto, founder and president of Ontario’s Condo Owners Association, implores homeowners to speak to their condo board or property manager. They need to commit to doing this before a single project is begun. “Even if they want to change flooring, for instance… they cannot just turn around and choose the vinyl flooring or laminates or hardwoods without getting approval from the board,” she explained. “Otherwise they’re going to be asked to remove it.”
As Dayter noted, it doesn’t take much renovation to make a unit much more attractive to future buyers. “When we go in and do the renovation, we tell our clients, as much as you love the property and you want to make it yours, you have to always think about reselling the unit five to 10 years down the road,” he said. He emphasized the importance of making aesthetic changes that will resonate with potential future owners: “All the changes that we’re doing today should be appealing to potential clients that would purchase the unit after you.”
Even with the space limitations that come with condo living, many homeowners are going for open-concept, Dayter said. “We will mostly go in there, often opening up the walls, making them open concept,” he stated. With this design, owners can use more of their space and express their palette while the home remains structurally sound.
Toronto is experiencing a tide-turning moment when it comes to its real estate market. Condo owners are finding new happiness in their abodes by investing wisely in strategic renovations. This shift to more individualized improvements is a combination of economic need and wish for a better quality of life.
