The economy isn’t wonderful, but your living space is threatening explosion, little say your temper because you’re falling over your kids’ toys, or your kids are threatening revolt because there’s nowhere they can retreat with friends. Worse, you’re expecting an addition to your numbers, or need that extra bathroom to solve morning revolts.

So you start scouting out homes with that extra bedroom and bathroom, upgrading from three bedrooms to four, and two baths instead of one. You have equity in your home. Interest rates are low. Moving and upgrading sounds like a good idea.

But is it really? Gary and I did the following analysis of housing costs compared to renovation, centered in the Greater Toronto Area (because that’s the area the glass and mirror division of Five Rivers services.) We found the results quite startling. Thought you might be interested as well.

In addition to these considerations, you’ve saved yourself moving costs, let alone the strain of relocating yourselves and children. Makes sense, wouldn’t you say?