Can $10 per square foot result in 40% carbon savings?
The Purpose Retrofit Accelerator’s initial insights in cost transparency and real-world case studies turn ambitions into action
CAGBC Staff on March 11, 2026
- Theme
- Retrofits
March 11, 2026 (Ottawa, Ontario) – Deep retrofit momentum is growing across Canada, with more building owners, managers and investors moving from early planning to implementation – and initial success stories show deep retrofits can deliver better value. But financing barriers, and lack of clarity around cost and return on investment, and a fragmented policy landscape remain top barriers to achieving retrofits at scale.
These findings are being published in a market sounding report from the Canada Green Building Council (CAGBC) and Purpose Building: “Accelerating Deep Retrofits – A Year of Insights on Progress and Barriers.” The report also shares insights about current attitudes and emerging trends on building retrofits across Canada, drawing from participants in The Purpose Retrofit Accelerator.
Launched in April 2024 by Purpose Building in partnership with CAGBC, the Accelerator is supported with funding from Natural Resources Canada’s Deep Retrofit Accelerator Initiative. The program helps owners and managers of large buildings plan, finance, and implement energy and carbon retrofits. Ongoing results from this program, including retrofit case studies, are being shared on retrofitsnow.ca.
“Growing transition and physical risks combined with economic and geopolitical uncertainty, are creating headwinds for the building sector that did not exist 12-18 months ago,” says Thomas Mueller, CAGBC President & CEO. “In our ongoing efforts to scale retrofits, we are providing owners and investors with new insights, data, and transition planning resources to effectively close the gap between sustainability targets and core financing needs.”
Find real-world examples of retrofits done right at retrofitsnow.ca
Moving sustainability from corporate ambitions to financial balance sheets
Preliminary data from buildings in The Purpose Retrofit Accelerator suggests that when implemented on-schedule, transition plans could result in around a 40 percent reduction in greenhouse gas (GHG) emissions by 2030, at an average incremental cost of ten dollars per square foot. This initial insight is significant considering a lack of industry discussion or transparency on deep retrofit costs.
“The market lacks clear data on the upfront cost of meaningful building decarbonization retrofits,” says Eric Chisholm, Principal, Purpose Building. “Decarbonization can’t be – and isn’t – a blank cheque. Our inaugural dataset is starting to reveal cost trends that improve transparency and will help turn more sustainability ambitions into action.”
While these results are preliminary and based on subset of projects from The Purpose Retrofit Accelerator program, CAGBC and Purpose Building hope it will spark discussion, innovation, and collaboration across the Canadian commercial real estate sector.
Through the Accelerator and Retrofits Now, Purpose and CAGBC will continue to update the market with data and insights, helping building owners and asset managers to feel more confident advancing corporate sustainability goals and transition plans for their assets.
A growing business case with real world examples
In its first year, the Purpose Retrofit Accelerator identified 380 buildings from over a dozen owners as priority candidates for deep retrofits. Support for their retrofit journey is being provided by Purpose Building with strategies tailored to each organization’s needs.
From the Accelerator’s first cohort, a clearer picture of the full impact and business case for deep retrofits is also emerging. Beyond lowered carbon emissions, newly published case studies, including 55 University Avenue and 33 Bloor Street East in Toronto, show how asset managers navigated risk, cost, and complexity to deliver tangible outcomes from reduced carbon emissions to increased tenant satisfaction.
“The Purpose Retrofit Accelerator is a valuable program to encourage and accelerate energy efficiency and decarbonization investments,” says Mueller. “The emerging data, case studies, and stakeholder feedback demonstrate the significant impact of a well-thought-out transition plan and the business value of investing in decarbonization strategies. I look forward to seeing more data and strategies from this program that turn into measurable impact for Canadian real estate.”
The Purpose Retrofit Accelerator Year 1 insights report and case studies can be downloaded on RetrofitsNow.ca. Future case studies, data and insights about Canada’s growing retrofit market, will continue to be published regularly on the site, so check back for updates.
About CAGBC
The Canada Green Building Council (CAGBC) makes sustainability a competitive advantage. As Canada’s leading authority on green building, CAGBC accelerates efficient, low-carbon buildings with the solutions Canada’s building sector needs to protect assets and deliver value – through trusted certifications, data-driven insights, government advocacy efforts, and professional skills development. For more information visit cagbc.org.
About Purpose Building
Purpose Building is an employee-owned Canadian company working exclusively on accelerating real estate to planet-positive pathways. We draw out the best of everybody to create a better future through healthy, circular, low-carbon, financially successful communities and buildings. Learn more at purposebuilding.ca
About Retrofits Now
Retrofits Now is an initiative of CAGBC, drawing on insights and learnings from The Purpose Retrofit Accelerator: Canada’s Private Sector Retrofit Accelerator. Led by Purpose Building, this multi-year project supports the scaling up of Canada’s deep retrofit market by providing practical insights, tools and support for transition planning.
Funding for the program is provided by the Natural Resources Canada (NRCan) Deep Retrofit Accelerator Initiative. Learn more at Retrofitsnow.ca
