To the average person, a cool mill is still a whole lot of money to be had, but it means wildly different things to homebuyers from coast to coast.

In a recent report, Royal LePage broke down the average square footage of million-dollar homes across Canada, and what they found was surprising.

Give or take $50,000 the real estate company determined that the average million-dollar home in December of 2023 had 3.2 bedrooms, 2.1 bathrooms and 1,760 square feet of living space.

Sound like a bang for your buck? Well, don’t get your hopes up if you’re looking to purchase a home in landmark cities.

“Depending on the market that you are shopping in, a $1-million home can mean something very different. In Calgary, a budget of $1 million is considered the move-up price point for existing homeowners. In Vancouver, the same amount is often the starting point for entry-level buyers,” said Karen Yolevski, COO, Royal LePage Real Estate Services Ltd.

“Years ago, a $1-million budget could buy a generous amount of square footage and access to sought-after neighbourhoods in almost any market. Over time, however, we have watched the purchasing power of $1 million vary more widely between cities. These days, this budget can buy a luxurious detached home in one location, or a two-bedroom condominium in another.”

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So what exactly can you expect in the Great North? Here’s a breakdown of what $1 million will get you in each area: 

  • Edmonton, Alberta: 2,675 square feet
  • Regina, Saskatchewan: 2,604 square feet
  • Winnipeg, Manitoba: 2,559 square feet
  • Halifax, Nova Scotia: 2,543 square feet
  • Quebec City, Quebec: 2,516 square feet
  • Ottawa, Ontario: 2,303 square feet
  • Greater Montreal, Quebec: 2,226 square feet
  • Montreal, Quebec: 2,093 square feet
  • Calgary, Alberta: 2,179 square feet
  • Greater Toronto Area, Ontario: 1,459 square feet
  • Toronto, Ontario: 1,218 square feet
  • Greater Vancouver, British Columbia: 1,187 square feet
  • Vancouver, British Columbia: 900 square feet

Are you surprised, Canada?

Here’s to hoping that homes across Canada will get more affordable in the near future. We’ve got our fingers crossed!

Good luck and happy buying.