Despite several consecutive hikes in interest rates over the past year, home prices in Canada have remained relatively stable thanks to low inventory. In major housing markets across the country, a $1-million price tag is not uncommon, but the type of property available at this price point can vary from one city to another.
In examining what a budget of approximately $1 million – give or take $50,000 – can buy in Canada’s major housing markets, Royal LePage determined that the average home in Canada valued between $950,000 and $1,050,000 in December of 2022 had 3.2 bedrooms, 2.6 bathrooms and 1,763 square feet of living space, inclusive of all property types. Data for the report was provided by Royal LePage’s sister company RPS Real Property Solutions, a leading Canadian real estate valuation company.
“The mythical million dollar house may not be the mansion it once was, yet a million-dollar budget will still buy a luxurious home in many parts of Canada,” said Phil Soper, president and CEO of Royal LePage. “For those who live in our most expensive cities, low seven figures will get you a lovely, if more modest home.”
In today’s post-pandemic landscape, more Canadians than ever before have the option to work fully remotely, resulting in the ability to choose the city or town where they want to live without being restricted by the local job market.
“Wider acceptance of fully remote employees has given more Canadian homebuyers the flexibility to live and work wherever they like. For those who prioritize square footage, outdoor space and luxurious features, $1 million will go a lot further in cities outside of Toronto and Vancouver,” noted Soper.
Here are a few highlights from the Royal LePage Million-Dollar Properties Report:
- Nationally, a typical $1-million home boasts an average of 3.2 bedrooms, 2.6 baths and almost 1,800 square feet of living space.
- Remote work has given homebuyers greater flexibility to choose where they want to live, including more affordable cities where a million-dollar budget may stretch farther.
- $1-million homes in the Greater Toronto Area and Greater Vancouver offer less square footage and fewer bedrooms and bathrooms than the national average.
- Unlike Canada’s two other largest metropolitan centres, the Greater Montreal Area boasts an average home size that is 523 square feet larger than the national average.
- Halifax, Edmonton and Winnipeg boast the largest average square footage of all major cities in Canada at this price point.