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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:
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.
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