THE REAL COST OF HOME REPAIRS: WHAT HOMEOWNERS NEED TO KNOW - RE/MAX All-Stars Benczik Kavanagh Real Estate Team Skip to Content
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Posted By: Rachel Kavanagh

June 4, 2024

Maintaining your home is a crucial aspect of homeownership. Not only does it preserve the value of your property, but it also contributes to the pride and enjoyment that come with owning a home. In today’s blog, we aim to shed some light on the costs associated with homeownership and repairs. These expenses can often be mysterious or not well-known, especially to first-time homebuyers, but they are an essential part of the homeownership process.

Homeowners generally manage their mortgage payments, property taxes, utilities, and other routine expenses involved in maintaining their homes quite well. However, repairs can sometimes be costly and unexpected. Let’s explore some of the major improvements or repairs that can be done to a home, so you can budget and be prepared if they arise.

Major Home Repairs and Their Costs

A New Roof
One of the most significant expenses a homeowner might face is replacing the roof. It’s always advisable to get at least three estimates before proceeding with this major repair. In regions like York and Durham, a new roof can cost between $14,000 and $25,000. The final price depends on the type and grade of shingles chosen. Additionally, if there is any water damage to the roof sheathing (the layer beneath the shingles), repairs could add further to the cost.

New Furnace
Replacing an old furnace is another substantial expense. A new furnace can cost between $5,000 and $10,000, depending on the grade of the furnace and any additional costs involved with the installation. It’s important to choose a furnace that is both efficient and suitable for your home’s needs.

New Air Conditioner
A new air conditioning system is essential for maintaining comfort during the warmer months. The cost for a new air conditioner typically ranges from $4,000 to $8,000. As with furnaces, the price can vary based on the unit’s efficiency and the complexity of the installation.

Cost Breakdown of Common Home Repairs

Here is a rough breakdown of costs for various home renovations and repairs done by a professional:

Renovation TypeAverage Cost (CAD)
Kitchen Renovation$50,000 – $100,000+
Bathroom Renovation$10,000 – $35,000
Basement Finishing$35,000 – $100,000
Roof Replacement$14,000 – $25,000
Siding Replacement$10,000 – $25,000
Window Replacement$300 – $1,000 per window
Exterior Painting$3,000 – $8,000
Interior Painting$5,000 – $15,000
Flooring Replacement$5,000 – $15,000
Deck Addition$7,000 – $15,000
Furnace Replacement$6,000 – $12,000
Air Conditioner Replacement$4,000 – $8,000
Electrical Repairs$80 – $150 per hour
Plumbing Repairs$85 – $150 per hour
Garage Door Replacement$1,500 – $4,000
Minor Landscaping$5,000 – $20,000

These costs are averages and can vary based on the size and complexity of the project and the quality of materials used.

Understanding the costs associated with home repairs is crucial for all homeowners, especially first-time buyers. By being aware of potential expenses and budgeting for them, you can ensure that you’re prepared for any unexpected repairs. Regular maintenance and timely repairs not only preserve the value of your home but also enhance your overall homeownership experience. Remember, investing in your home is always worthwhile, and staying informed about potential costs will help you manage your home more effectively. Over the years, the RE/MAX All-Stars Benczik Kavanagh Team has built a network of vetted professionals ready to assist with any home renovation project. Contact us today, and we’ll connect you with our trusted experts.


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