EIFS (also known as stucco) is a popular siding choice in the Toronto area because it can be applied directly over decaying brick, protecting it from further damage. A large percentage of homes in downtown Toronto were built between the 1940's through 1970's and are now reaching that crucial point in their life, when tuckpointing can extend it's life slightly, or it needs to be replaced.
Tearing down brick to replace it is not only wasteful, it's also unnecessary. EIFS is a great option because it preserves the original brick, while adding insulation and renewing the look of the house. Unfortunately, not all EIFS projects are done properly and the result is that repairs are often required. Depending on the severity of the problem, the EIFS will either need to be torn off the wall and replaced, the surface re-skimmed, or a simple patch applied.
Unfortunately, repairing by patch usually leads to a patch-like section on the wall that is noticeable. Re-skinning the wall is the more popular choice for stucco repair Toronto because it will entirely seal any indentations, and allows a new finish coat to be applied over the entire surface, essentially renewing the cladding.
When re-skinning an EIFS wall, the home owner has a great opportunity to install control joints where they may not have been installed the first time, and to entirely update their home colour.
Whatever decision you figure is better - remember that repairs are most often required because the stucco was not installed properly in the first place. When repairing a stucco wall, make sure to have it done right as opposed to as cheaply as possible.