Average Cost Of Finished Basement

2019 Homestars Winner badge for Best Of Awards in Toronto
2020 Homestars Winner badge for Best Of Awards in Toronto
2021 Homestars Winner badge for Best Of Awards in Toronto
2021 Diamond Winner badge for Capable Group, Toronto's choice for basement renovation and basement finishing services.
2022 Diamond Winner badge for Capable Group, Toronto's choice for basement renovation and basement finishing services.
Table of Contents

Finishing your basement can be a great way to add more living areas to your home, and it can be a relatively affordable project as well. But how much does a finished basement cost in Canada? And what are some of the factors that will affect the final price? In this article, we’ll look at some factors that will affect the cost of finishing your basement and some average costs for various types of basement finishing projects.

Basement finishing is a popular home improvement project in Canada because it can add a lot of extra living areas to your home without having to build an addition. A Basement Renovations can be used as a family room, playroom, home office, gym, or even an extra bedroom.

Basement Renovation Cost Factors

Several factors will affect the cost of finishing your basement, including:

  • Material quality
  • Labour and installation
  • The size of your basement
  • Condition of your basement
  • Basement remodel job
  • The complexity of the renovation design

The cost of basement renovation depends on a number of factors. However, The average finished basement cost ranges between is $45 to $95 per square foot. If you have a 1,000-square-foot basement, you can expect to spend between $45,000 and $95,000 to renovate it. Basement packages may vary, and the final price may be different.

Square Footage Cost Range
400-500 sq. ft $20,000 – $25,500
500-600 sq. ft. $25,500 – $30,000
600-700 sq. ft. $30,000 – $35,000
700-800 sq. ft. $35,000 – $40,000
800-900 sq. ft. $40,000 – $45,000
1000-1400 sq. ft. $50,000 – $90,000

Costs Associated with Finished Basement

There are numerous expenses to consider at various stages of the basement remodelling project. Plumbing is the first thing you should consider when constructing a bathroom or kitchen in your basement.


Everyone who has considered finishing their basement knows that plumbing is one of the main concerns. In most cases, your basement doesn’t have any plumbing, so it’ll need to be added. This can be a big job, depending on the layout of your house and where the nearest water lines are located.

Building permits

If you’re planning to renovate your basement, you may need a building permit. A building permit is a document that allows you to begin construction. To get a building permit, you’ll need to submit plans for your project and have them approved by your local municipality.


Basement living space is a great way to add extra rooms to your house. However, to ensure that your new basement is safe and up to code, you may need to have some inspections done. After you’ve finished all of the plumbing work, it’s critical to inspect it to ensure that it meets legal requirements set by your municipality. Inspecting any electrical work done as part of the renovations is also required.


When framing your basement, it’s essential to do an amazing job. This is because the framing will be visible once the finishing is complete. When it comes to the framing, electrical, HVAC and the related calculations as to combustion-air, insulation/fire stopping, and plumbing work. Erecting walls will increase the cost of your renovation, but the increased value of your property will make it worthwhile. The following factors influence the price of framing:

  1. You may need to demolish existing walls
  2. The size of the room for which a frame is required
  3. Whether or not additional walls should be built
  4. Whether the walls need to be soundproofed

Drywall Installation

Installing drywall in your basement is a great way to finish the space, protect it from moisture and make it more comfortable. However, the installation itself might be tricky, and it’s important to get the job done right.

It typically costs between $3 and $6 per square foot. Once you’ve decided on the type of foundation walls you want, the next step is to figure out how much it’ll cost to install. The area frequently determines the expense of installation you would like to install.

Installing Electrical Appliances

You can expect to pay about $50 to $100 per hour for a professional electrician to install electrical appliances. Some wiring may be required when installing new outlets, which will add to the installation cost. To do this, you need to hire a licensed electrician to ensure you have no problems with your electrical appliances. The cost to hire an electrician can vary, depending on where you live and how experienced they are to deliver great job.


The basement ceiling is one of the most important aspects of a Basement Renovation. An unfinished basement can have unsightly ceilings that show exposed pipes and other wiring that is best left concealed.

A High-quality, well-insulated ceiling and wall will keep your finished basement moisture-free, warm in the winter and cool in the summer. It will also help to reduce moisture problems. Homeowners can also add some amazing basement ceiling lights to brighten up the room without natural light.

The minimum height requirement for ceilings is usually 7 feet.

A drywall ceiling will cost about $5 per square foot to install. A coffered ceiling will cost about $25 per square foot.


Basement flooring is an important part of any finished project. You need to choose the right type of basement flooring that will be both attractive and durable. Basement floor renovation can involve a number of processes, such as redoing the subfloor, adding insulation and padding, and then installing baseboards. It cannot be left as last minute changes.

You can install more than one type of flooring in your basement if you have a lot of space and want to create different areas. Tiles are good for wet bar and bathroom, but remember that they can make the basements and bedrooms colder. A cozier choice is carpet, which is perfect for home theatres and playrooms.

The cost varies widely, depending on the type you choose. Tile can cost as little as $1 per square foot, but high-end materials can cost more than $40 per square foot. The concrete finishing cost will be between $2 and $30 per square foot. Baseboards are a low-cost addition and can range from $5.70 to $8.95 per squere foot.


It is truly amazing how a fresh coat of paint can breathe new life into a room. Choosing the right colour for basement walls often depends on how you intend to use the basement and your personal preferences. Some colours are more welcoming, contribute to the brightness of the room and can make it feel more spacious. Other colours can make your basement look darker, which may not be such a bad thing. For example, if your new basement has a home theatre, natural lighting may not be your priority.

The cost of paint varies depending on the quality and type of paint you choose. The average cost of painting the interior of a home is between $3 and $8 per square foot. Painting your basement can save you some money, but it is important to remember that painting takes time and skills. The whole crew of painters, contractor or a basement company will cost you about $4,000 for a typical finished basement project, and they can make great work.


To finish the basement walls, you need several electrical circuits designed for this room. You will require electrical outlets in each room and in several locations throughout the basement. The electrical circuits will also provide lighting to help offset any lack of natural light. The number of rooms and appliances in your finished basement will determine how extensive the electrical network in your basement needs to be. This will require the help of a skilled and licensed electrician, which will cost between $2,500 and $10,000. (The cost of basic electrical needs is already included in the basement cost calculator).

The state of the electrical circuits in your basement will also play an essential role in how much money you will spend. The costs can easily climb to about $8,000 on reno or more on quality workmanship.

Other Renovation Costs

When finishing your basement, it’s important to keep in mind the other renovation costs that may be associated with the project. You can transform your basement into a more functional space without tearing down or building foundation walls and doors.

Adding a home theatre

If you like entertaining friends and family, installing a home theatre in your basement might be a good idea. This will allow you to set aside a separate room in the house for entertainment. You can install a big-screen TV, comfortable chairs, good speakers, and make the room soundproof.

“I am so thrilled that I decided to add a home theatre in my basement! It has been the perfect addition to our family entertainment. Not only does it give us more room for hosting guests, but it also provides a great way for us to relax and enjoy movies and shows together. The big-screen TV, comfortable chairs, and soundproofing have made it an even better experience. The cost of installing a home theatre was definitely worth the investment.”

– Kristian Crowe, Founder of Above It All Roofing

Adding a bathroom

If you’re planning to add a bathroom to your finished basement, there are a few things you’ll need to take into account. One of the most important is the location of the bathroom in relation to the rest of your basement. If it’s too close to a wall, you may have to deal with cracks in the drywall or plaster. If it’s too far from the main living area, you may have to add extra plumbing.

The size of the bathroom, materials, cost of custom cabinets and other features affect how much you’ll spend on a new bathroom in your basement. On average, adding a bathroom will cost you $15,000 to $20,000, or about $200 to $300 per square foot. A luxury bathroom can cost about $600 per square foot.

Adding a bedroom

If you want your basement room to be classified as a bedroom, it must contain a closet and an egress window. Installing egress windows in the basement would cost about $2,600-$5,300. It would cost about $1,100-$3,000 to install a closet. Adding a bedroom to the basement will cost an average of $1,500-$6,000. The wall and floor will make up a huge part of the cost all the way to the finished basement.

Building a home theatre

You can spend around $150 per square foot to turn your basement into a home theatre. This includes soundproofing, a large screen, a good sound system and comfortable seating. The wiring costs for the electrical needs will be around $200-$825. Another great thing is that there are many wireless speaker options on the market that you can connect to your home theatre system.

Adding a wet bar

It is great for families who want a special area to share laughs and conversations with their friends and family. The cost of installing a wet bar in your basement will be determined by whether you want your home bar to be custom-made or pre-built. Another key consideration will be the size of the bar.

Custom bars are made on-site and can meet specific styles and other specifications. The beauty of these bars is that they fit easily into your space and use your basement more efficiently. That’s not to say that prefabricated bars are a bad option for you. They come in various sizes and colours and are equipped with everything you need to complement your space well. Remember that some assembly will still be required, including wiring and plumbing for electrical and water options, including sinks and lighting.

A bespoke home bar is between $5,000 and $20,000. Premade choices start at $3,000 and go up to $6,000. This does not include the cost of plumbing, electrical wiring, or illumination services. Installation expenses may run anywhere from another $200 to over $8,000.

Steam room and sauna installation

Indoor saunas are more expensive to construct than outdoor saunas. The expense of putting up a sauna varies greatly, depending on the size of the basement and the tools required. The size of a typical sauna ranges from 4 feet by 4 feet to 8 feet by 12 feet, with an average width of 8 feet. A sauna with an area of 8 feet by 5 feet can comfortably accommodate four people. Building a sauna for five to seven people may cost around $15,000.

Prefabricated sauna kits cost anywhere from $2,000 to $4,000 per unit. Another factor that affects the cost of a sauna is the brand you choose to install. Many brands offer warranties ranging from one year to a lifetime warranty.

“Installing a luxurious sauna in our basement has been one of the best decisions we have ever made. It has allowed us to escape the hustle and bustle of everyday life and relax in this tranquil environment. The feeling of warmth radiating from the heated rocks, combined with the soft lighting and the soothing sound of running water creates an unparalleled feeling of relaxation.”

Sonya Shikhman, Partner at Bytensky Shikhman

Home gym installation

Having a home gym means you can work on your fitness goals from the comfort of your own home. How much money you need to invest in a home gym depends on your fitness goals and overall budget. The great thing about home gyms is that you can start with basic equipment, such as dumbbells, and purchase more advanced equipment over time.

Concrete floors are best for home gyms. A polished concrete floor costs about $1,500-$3,800. For more expensive options, installing wood flooring, full-length mirrors, and bulky exercise equipment will increase the cost to $10,000+.

Carpeting is another option for a home gym, with costs ranging from $750 to $2,500. The advantage of carpeting is that it is soft. However, it is prone to mould. Another common option is rubber flooring, a safe option for the home gym and durable. You can spend anywhere from $800 to $2,300 for such flooring.

Home gyms can cost anywhere from $300 to $15,000. Other costs associated with a home gym are subflooring, electrical wiring, and tv mounting.

I am so happy that I decided to install a home gym – it’s been a fantastic addition to my work-from-home routine! Having the option to break up my day with physical exercise has been incredibly beneficial. Not only do I get to stay active and fit, but the endorphins released during my workouts help me stay focused and productive. I’m so glad I decided to invest in a home gym – it’s been one of the best decisions I’ve ever made!
Vlad, Mars Moco

Fireplace addition

A fireplace not only provides warmth literally, but it also has a rustic beauty about it. Depending on the type of fireplace, installing a fireplace in the basement may cost anywhere from $1,000 to $5,600.

The cost of a gas fireplace ranges from $2,300 to $10,000, whereas an electric fireplace ranges from $1,000 to $4,200. The greatest expenses of building mansory fireplaces are about $10,000 to $40,000.

Average Cost on a Finished 400-500, 600-700, 800-900, 1000-1400 Basement in Canada Based on Square Footage

Square Footage Cost Range
400-500 sq. ft $20,000 – $25,500
500-600 sq. ft. $25,500 – $30,000
600-700 sq. ft. $30,000 – $35,000
700-800 sq. ft. $35,000 – $40,000
800-900 sq. ft. $40,000 – $45,000
1000-1400 sq. ft. $50,000 – $90,000

The prices below may or may not include bathrooms, kitchens, bedrooms, and other basement amenities.

Finished Basement FAQ

Yes, a finished basement adds value to your home. While some people are concerned about the cost of renovating a basement or converting an unfinished basement into a completed one. It's crucial to remember that just by turning your basement into a finished space, you may add tens of thousands of dollars in value to your property.

The cost of constructing a basic bathroom in a basement ranges from $10,000 to $25,000, depending on various variables.

In approximately 3 weeks, Capable Group's specialists can finish a standard finished basement. Capable Group provides incredible customer service, from quote all the way to finished project. Our specialists will walk you through each and every step, so you can rest assured there are no delays waiting for subcontractors. Your basement is in the good hands of a professional family run company.

No. Basements are frequently marketed separately in home listings.

The cost of sealing a basement is usually around $5,000. The price can rise to around $10,000 if other repairs are required, such as filling cracks or installing drains.

Table of Contents
Get Started on Your Dream Basement Renovation

Our Basement Ideas

Get A FREE 3D Rendering

Our Phone Number

Tel: (905) 889-0025

Our Showroom:

830 Rowntree Dairy Rd unit 23, Woodbridge, ON L4L 5V3

General Questions


Get Your Estimate or Call Now: (905) 889-0025

We are very proud of the service we provide and stand by every basement we carry.

Scroll to Top