Renovate Current Home vs Buy New in Vancouver 2025
Should You Renovate or Buy a New Home in Metro Vancouver?
With average Vancouver detached home prices above $2M, the decision to renovate vs buy new is one of the most significant financial decisions a homeowner can make. Understanding the trade-offs is critical.
Cost Comparison: Renovate vs Buy
| Scenario | Approximate Cost |
|---|---|
| Full renovation (current home) | $200,000–$600,000 |
| Buy comparable newer home | $2,000,000–$3,500,000 (detached) |
| PTT on new purchase ($2.5M) | ~$57,500 |
| Realtor commissions (3.5%) | ~$87,500 |
| Moving costs + setup | $10,000–$30,000 |
When to Renovate
- Love your neighbourhood and neighbours
- Kids in school with strong connections to community
- Current mortgage rate is excellent (below today’s market)
- Current home has strong bones (good structure, good location)
- Renovation will deliver the exact functionality you need
When to Buy New
- Current home has fundamental flaws (layout, lot size, location)
- Renovation would cost 70%+ of equivalent move-up purchase
- Family needs are significantly different from current home’s capacity
- Rental income opportunity at destination exceeds renovation ROI
→ See also: Vancouver Renovation Cost Guide 2026
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Ready to start your renovation?
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