Ever wonder what $1 million gets you for a home in Canada?
A new report released Thursday by Royal LePage Canada indicates that a typical $1-million house in the country has an average 3.2 bedrooms, 2.6 bathrooms and almost 1,800 square feet of living space.
But $1 million looks different depending on what city in Canada you’re living in.
“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.
“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. 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.”
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, said Royal LePage.
But it said 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.
“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,” said Royal LePage.
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