How much does it cost to finish a basement in Ontario?
In 2026, finishing a basement in the GTA typically costs $35,000–$75,000 for a standard finish, or roughly $35–$75 per square foot. A high-end basement with a bathroom, wet bar, built-ins or home theatre can run $80,000–$120,000+. Converting to a legal rental suite is a separate, higher tier ($75,000–$120,000) because of code and permit requirements.
What drives the price
- Size and layout — more square footage and more rooms cost more.
- Bathroom — adding a full bath is one of the biggest line items ($12,000–$20,000) because of the plumbing.
- Ceiling height & underpinning — lowering the floor for headroom adds $40,000–$80,000+.
- Waterproofing — fixing moisture before finishing protects the investment.
- Finishes — flooring, trim, lighting and built-ins move the number.
- Egress windows, HVAC and electrical upgrades.
Typical basement finishing breakdown
- Framing, insulation & drywall: $15,000–$25,000
- Flooring: $5,000–$12,000
- Electrical & pot lights: $4,000–$9,000
- Bathroom: $12,000–$20,000
- Trim, doors & paint: $5,000–$10,000
Does finishing a basement add value?
Yes — a finished basement adds usable living space and is one of the better-returning renovations in the GTA, especially if it includes a bathroom or a legal suite that generates rental income.
Frequently asked questions
Do I need a permit to finish my basement?
If you are adding a bathroom, moving electrical, or creating a bedroom or second suite, yes. A like-for-like cosmetic finish may not — but always confirm with your municipality first.
How long does it take?
A standard basement finish takes 4–8 weeks; a legal suite 6–10 weeks plus permit time.
Get a fixed-price basement quote
Razco finishes basements across Richmond Hill, Vaughan and the GTA — one crew, one fixed price. See our basement renovation services or call (647) 561-3333.