Mapping the million: What $1 million can buy in Canada’s major real estate markets
Nationally, a typical $1-million home boasts an average of 3.2 bedrooms, 2.6 bathrooms and almost 1,800 square feet of living space
TORONTO, February 23, 2023 – 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.
Canadian homeowners, renters and buyer hopefuls continue to keep a close eye on real estate trends in their markets and nationally, after almost two years of exceptional housing demand and record price appreciation. Home prices in Canada have moderated over the last nine months, following a series of interest rate hikes by the Bank of Canada. Still, a fundamental shortage of inventory has kept Canadian property values relatively stable, and in major markets across the country, a $1-million price tag on a home is not unusual. However, the type of property that a million dollars gets you differs from one region to the next.
“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. “Others, however, will pay a premium to live in the heart of our major cities and have access to top restaurants, shops and entertainment within walking distance, even if it means having a smaller living space.”
The Greater Montreal Area, unlike Canada’s two other largest metropolitan centres, boasts an average home size that is larger than the national average within the price range of $950,000 to $1,050,000.
Royal LePage Million-Dollar Properties Report Chart: rlp.ca/table_million-dollar-properties-report
REGIONAL SUMMARIES
Greater Toronto Area
The average home in the Greater Toronto Area valued between $950,000 and $1,050,000 in December of 2022 had 3.0 bedrooms, 2.2 bathrooms and 1,461 square feet of living space; 302 square feet less than the national average.
“A $1-million home in the GTA these days is quite different from a property in this price range a few years ago, when lower interest rates and lower overall home prices allowed for more accessibility into the Toronto market,” said Shawn Zigelstein, broker and team leader, Royal LePage Your Community. “Today, the $1-million benchmark is considered more of an entry-level price point in many neighbourhoods in the city. Sales over the seven-figure mark dominate the detached market, in both the city centre and the suburbs. The increased demand for larger properties as a result of the pandemic has put pressure on supply in this segment.”
Zigelstein noted that a $1-million budget can afford prospective buyers a two-bedroom condominium in a newer building and a walkable downtown neighbourhood. Those searching outside of the city centre will see their dollar stretch farther, as homes with greater square footage are available at the same price point.
The average home in the city of Toronto valued between $950,000 and $1,050,000 in December of 2022 had 2.8 bedrooms, 1.9 bathrooms and 1,232 square feet of living space; 229 square feet less than the average property in the greater region, and 531 square feet less than the national average.
Royal LePage Million-Dollar Properties Report Chart: rlp.ca/table_million-dollar-properties-report
Location: 505 -128 Pears Avenue
List price: $975,000
Size: 713 square feet
Rooms: 1+1 bedrooms, 1 bathroom
Listing Agent: Cailey Heaps Estrin and Amanda Gaskey, Royal LePage R.E. Services Heaps Estrin Team
Greater Montreal Area
The average home in the Greater Montreal Area valued between $950,000 and $1,050,000 in December of 2022 had 3.8 bedrooms, 2.4 bathrooms and 2,286 square feet of living space; 523 square feet more than the national average.
“Today, a million-dollar home in the Greater Montreal Area is different from a property in this price range a few years ago, when lower interest rates and overall home prices allowed for greater affordability in the market,” said Roxanne Jodoin, residential real estate broker, Royal LePage Privilège. “Today, however, seven-figure-plus sales have become more common in the single-family home segment, both in the downtown area and in the nearby suburbs. The increased demand for larger, modern properties with more land in the wake of the pandemic has put pressure on supply in this segment.”
Jodoin explains that with a budget of $1 million, potential buyers can afford a single-family detached home with a minimum of three bedrooms, two bathrooms, a powder room, but also modern amenities such as a pool or large garden in the outer suburbs of Montreal.
The average home in the city of Montreal valued between $950,000 and $1,050,000 in December of 2022 had 3.9 bedrooms, 2.4 bathrooms and 2,153 square feet of living space; slightly below the average property size in the greater region, but 390 square feet more than the national average.
Unlike Canada’s two other largest metropolitan centres, the Greater Montreal Area boasts an average home size that is significantly larger than the national average.
Royal LePage Million-Dollar Properties Report Chart: rlp.ca/table_million-dollar-properties-report
Location: 1302 Rue Montarville, Saint-Bruno-De-Montarville
List price: $989,000
Rooms: 3 bedrooms, 2+1 bathrooms
Listing Agent: Marie-France Dupont, Geneviève St-Cyr, Isa-Maude Lacaille and Catherine Proulx-Michelin, Royal LePage Privilège
Greater Vancouver
The average home in Greater Vancouver valued between $950,000 and $1,050,000 in December of 2022 had 2.6 bedrooms, 2.1 bathrooms and 1,279 square feet of living space; 484 square feet less than the national average.
“The days of easily finding a detached home for $1 million in Vancouver are in the rearview mirror,” said Adil Dinani, sales representative, Royal LePage West Real Estate Services. “It is important to note, however, that $1 million is perceived differently across the Vancouver region. In some cases, it is not uncommon to spend this amount on a downtown condo or a newer townhome in an established suburban neighbourhood, depending on where you are looking.”
Dinani noted that a $1-million budget can afford buyers a two-bedroom unit in a desirable downtown Vancouver building. In communities outside of the city’s core, the same price point can attain a slightly larger property, typically a townhome, with connectivity to transit and other amenities.
The average home in the city of Vancouver valued between $950,000 and $1,050,000 in December of 2022 had 1.9 bedrooms, 1.7 bathrooms and 941 square feet of living space; some 338 square feet less than the average property in the greater region, and 822 square feet less than the national average – that’s just over half the size of the average Canadian property at this price point.
Royal LePage Million-Dollar Properties Report Chart: rlp.ca/table_million-dollar-properties-report
Location: 75 158 171 Street, Surrey
List price: $950,000
Size: 1,690 square feet
Rooms: 4 bedrooms, 4 bathrooms
Listing Agent: Allie McLaughlin, Royal LePage Wolstencroft Realty
Location: 1008-1500 Hornby Street
List price: $998,800
Size: 1,046 square feet
Rooms: 2 bedrooms, 2 bathrooms
Listing Agent: Linda Fong Kenny, Royal LePage Westside
Ottawa
The average home in Ottawa valued between $950,000 and $1,050,000 in December of 2022 had 3.6 bedrooms, 2.7 bathrooms and 2,408 square feet of living space; 645 square feet more than the national average.
“A $1-million budget will comfortably get you into Ottawa’s single-family detached home segment, with some variations depending on the micro-market you’re searching in,” said Sarah Wright, sales representative, Royal LePage Team Realty. “$1,000,000 will typically get you a sizable home with large bedrooms on a substantial lot in Ottawa’s outskirts, or an older or heritage-style home with less square footage in the urban neighbourhoods, which remain within walking distance of everyday amenities.”
Wright noted that a $1-million home is no longer considered a luxury property, especially following significant price appreciation in the region as a result of the pandemic real estate boom.
Royal LePage Million-Dollar Properties Report Chart: rlp.ca/table_million-dollar-properties-report
Location: 650 Broadview Avenue
List price: $995,000
Size: 1,818 square feet
Rooms: 3 bedrooms, 2 bathrooms
Listing Agent: John Gomes, Royal LePage Performance Realty
Calgary
The average home in Calgary valued between $950,000 and $1,050,000 in December of 2022 had 3.1 bedrooms, 2.8 bathrooms and 2,242 square feet of living space; 479 square feet more than the national average.
“We’ve reached a new height in the market. A few years ago, a $1-million home in Calgary would take approximately four months to sell, a timeline that has since been halved by consistent buyer demand and comparatively low home supply,” said Doug Cabral, sales representative, Royal LePage Benchmark. “A once-sluggish high-end market, the $1-million price point saw a burst of activity in 2021 and early 2022, as higher household savings, low interest rates and the migration of homebuyers from more expensive cities across the country pushed prices higher. Although $1 million is not considered the luxury price point it used to be, this size of budget still goes a lot further in Calgary than in other major cities.”
Cabral added that the region has seen many young buyers from Ontario and British Columbia flock to the city in search of larger properties at greater affordability, plus shorter commutes, lower costs of living, and proximity to Kananaskis and the Rocky Mountains.
Royal LePage Million-Dollar Properties Report Chart: rlp.ca/table_million-dollar-properties-report
Location: 505-837 2 Avenue SW
List price: $949,000
Size: 1,709 square feet
Rooms: 2 bedrooms, 2 bathrooms
Listing Agent: Alexandra Hripko, Royal LePage Benchmark
Edmonton
The average home in Edmonton valued between $950,000 and $1,050,000 in December of 2022 had 3.3 bedrooms, 2.8 bathrooms and 2,593 square feet of living space; 830 square feet more than the national average.
“A $1-million property in Edmonton is undoubtedly considered a luxury home. Buyers who have a budget of this size often prioritize location, and will pay a premium to live in sought-after neighbourhoods with desirable amenities. For instance, buyers shopping in the higher price points often look to Summerside, where you’ll find large, brand new four-bedroom homes that are walking distance to parks, shops and more,” said Mani Bagga, sales representative, Royal LePage Noralta Real Estate. “Edmonton’s real estate market continues to see a lot of demand from newcomers to Canada, as well as buyers from other provinces who are looking for more space and greater affordability.”
Royal LePage Million-Dollar Properties Report Chart: rlp.ca/table_million-dollar-properties-report
Location: 36 Fairway Drive NW
List price: $1,050,000
Size: 3,670 square feet
Rooms: 6 bedrooms, 6 bathrooms
Listing Agent: Jason Thomas and Raj Sharma, Royal LePage Summit Realty
Halifax
The average home in Halifax valued between $950,000 and $1,050,000 in December of 2022 had 3.7 bedrooms, 2.8 bathrooms and 2,596 square feet of living space; 833 square feet more than the national average.
“A property worth $1 million in Halifax falls in the luxury segment of the market, so buyers shopping within this price range have big expectations. Homes in this city worth $1 million tend to offer all of the bells and whistles, such as gourmet kitchens, opulent floor finishes, lots of living space, and access to desirable school districts,” said Tanya Colbo, sales representative, Royal LePage Atlantic. “Over the last two years, we’ve seen a lot more activity in this segment of the market, with an influx of buyers from out-of-province. Many who sold their homes in higher-priced cities and moved to the Maritimes have been able to significantly upgrade their space for less.”
Royal LePage Million-Dollar Properties Report Chart: rlp.ca/table_million-dollar-properties-report
Location: 210 Bently Drive
List price: $1,029,000
Size: 4,439 square feet
Rooms: 4 bedrooms, 5 bathrooms
Listing Agent: Simon Zhu, Royal LePage Atlantic
Winnipeg
The average home in Winnipeg valued between $950,000 and $1,050,000 in December of 2022 had 3.3 bedrooms, 3.0 bathrooms and 2,565 square feet of living space; 802 square feet more than the national average.
“Historically speaking, Winnipeg’s $1-million listings represent a small portion of the overall market,” said Chris Pennycook, sales representative, Royal LePage Dynamic Real Estate. “With the rise in construction costs, consistent buyer demand and low inventory levels, we’ve seen the number of home sales in the seven-figure segment spike. However, even as the number of $1-million sales in Winnipeg rises, the city still remains one of the most affordable in the country. In today’s market, large and newly-renovated homes with good-quality finishes are listed in this price range.”
Pennycook noted that most $1-million sales occur in the detached segment, however, there are some ultra-luxury condominiums in popular neighbourboods at this price point.
Royal LePage Million-Dollar Properties Report Chart: rlp.ca/table_million-dollar-properties-report
Location: 401-5429 Roblin Boulevard
List price: $995,000
Size: 2,332 square feet
Rooms: 2 bedrooms, 2 bathrooms
Listing Agent: Laura Foubert, Royal LePage Dynamic Real Estate
About the report
The Royal LePage Million-Dollar Properties Report includes information on all housing types nationally and in the nation’s largest real estate markets, and includes property valuation data from December, 2022. Data provided by Royal LePage’s sister company, RPS Real Property Solutions, the trusted source for residential real estate intelligence and analytics in Canada.
About Royal LePage
Serving Canadians since 1913, Royal LePage is the country’s leading provider of services to real estate brokerages, with a network of approximately 20,000 real estate professionals in over 650 locations nationwide. Royal LePage is the only Canadian real estate company to have its own charitable foundation, the Royal LePage Shelter Foundation, which has been dedicated to supporting women’s shelters and domestic violence prevention programs for 25 years. Royal LePage is a Bridgemarq Real Estate Services Inc. company, a TSX-listed corporation trading under the symbol TSX:BRE. For more information, please visit www.royallepage.ca.
For further information, please contact:
Stephanie Matthias
North Strategic on behalf of Royal LePage
stephanie.matthias@northstrategic.com
(416) 802-1612
