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, Feb. 23,
2023 /CNW/ - 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
More details:
https://www.royallepage.ca/en/property/ontario/toronto/505-128-pears-ave/19169076/mlsc5914203/
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
More details:
https://www.royallepage.ca/en/property/quebec/saint-bruno-de-montarville/1302-rue-montarville/19065976/mls14986739/
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
More details:
https://www.royallepage.ca/en/property/british-columbia/surrey/75-158-171-street/19162453/mlsr2752527/
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
More details:
https://www.royallepage.ca/en/property/british-columbia/vancouver/1008-1500-hornby-street/18773511/mlsr2736251/
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
More details:
https://www.royallepage.ca/en/property/ontario/ottawa/650-broadview-avenue/19120892/mls1328256/
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
More details:
https://www.royallepage.ca/en/property/alberta/calgary/505-837-2-avenue-sw/19021530/mlsa2016990/
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
More details:
https://www.royallepage.ca/en/property/alberta/edmonton/36-fairway-dr-nw/18891206/mlse4321530/
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
More details:
https://www.royallepage.ca/en/property/nova-scotia/halifax/210-bently-drive/19074840/mls202301315/
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
More details:
https://www.royallepage.ca/en/property/manitoba/winnipeg/401-5429-roblin-blvd/18710677/mls202225129/
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.
SOURCE Royal LePage Real Estate Services