New report sheds light on what a million-dollar home looks like across Canada
While home prices in Canada have moderated over the last nine months, a budget of $1 million can still go much farther in some markets than in others, according to Royal LePage.
As of the end of 2022, the average Canadian home valued between $950,000 and $1,050,000 comes with 3.2 bedrooms, 2.6 bathrooms, and 1,763 square feet of living space, across all residential property types.
“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.”
The work-from-home revolution of the last few years has also significantly boosted the power of $1 million in less inflamed markets.
“Wider acceptance of fully remote employees has given more Canadian homebuyers the flexibility to live and work wherever they like,” Soper said. “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.”
A case in point is the Greater Montreal Area, which has an average home size that is markedly larger than the national average. A $1-million home in the region comes with a average of 3.8 bedrooms, 2.4 bathrooms, and 2,286 sq. ft. of living space — although local property professionals are encouraging would-be buyers to grab their desired homes in the area sooner than later.
“Seven-figure-plus sales have become more common in the single-family home segment, both in the downtown area and in the nearby suburbs,” said Roxanne Jodoin, residential real estate broker at Royal LePage Privilège. “The increased demand for larger, modern properties with more land in the wake of the pandemic has put pressure on supply in this segment.”
However, those in the hottest markets get significantly less space for their million dollars, and will find themselves needing to “pay a premium to live in the heart of our major cities and have access to top restaurants, shops, and entertainment within walking distance,” Royal LePage said.
The average $1-million home in the Greater Toronto Area comes with 3 bedrooms, 2.2 bathrooms, and 1,461 sq. ft. of living space, 302 sf less than the national average. The more pronounced crunch is in the Greater Vancouver region, where an average $1-million home comes with 2.6 bedrooms, 2.1 bathrooms, and 1,279 sq. ft. of living space, 484 sq. ft. less than the national average.
