This New Report Reveals What $1 Million Gets You When Buying A House In Canadian Cities
One million goes pretty far in Edmonton, Regina, Halifax, Winnipeg and Quebec City.
Condos, buildings and the CN Tower in the Toronto skyline.
If you're thinking of buying a house in Canada or have given up on it entirely, you might be wondering what certain budgets can get you.
Now, $1 million goes a lot further in some Canadian cities, especially when compared to Toronto and Vancouver.
A new report from Royal LePage was released recently that broke down what $1 million can buy in Canada's real estate market.
Royal LePage figured out that the average home in Canada that costs between $950,000 and $1,050,000 has 3.2 bedrooms, 2.1 bathrooms and 1,760 square feet of living space.
"Depending on the market that you are shopping in, a $1 million home can mean something very different," said Karen Yolevski, the chief operating officer of Royal LePage Real Estate Services.
"Over time, however, we have watched the purchasing power of $1 million vary more widely between cities," Yolevski continued. "These days, this budget can buy a luxurious detached home in one location or a two-bedroom condominium in another."
You get more bang for your buck with homes in Edmonton, Regina, Halifax, Winnipeg and Quebec City, according to Royal LePage's report.
Toronto
The average home in the Greater Toronto Area that costs between $950,000 and $1,050,000 has:
- 3.0 bedrooms
- 2.3 bathrooms
- 1,459 square feet of living space
However, the average home in the city of Toronto for that same cost has:
- 2.8 bedrooms
- 1.9 bathrooms
- 1,218 square feet of living space
That's 241 square feet smaller than the average property in the GTA and 542 square feet smaller than the national average.
Montreal
If you're looking to buy a house that costs from $950,000 to $1,050,000 in the Greater Montreal Area, you'll get:
- 3.8 bedrooms
- 2.4 bathrooms
- 2,226 square feet of living space
Calgary
If you're looking for a home in Calgary, between $950,000 and $1,050,000 will get you:
- 3.1 bedrooms,
- 2.8 bathrooms
- 2,179 square feet of living space
Ottawa
In Ottawa, the average home that costs between $950,000 and $1,050,000 has:
- 3.6 bedrooms
- 2.7 bathrooms
- 2,303 square feet of living space
Vancouver
The average home in greater Vancouver that costs between $950,000 and $1,050,000 gets you:
- 2.4 bedrooms
- 2.0 bathrooms
- 1,187 square feet of living space
However, the average home in the city of Vancouver between $950,000 and $1,050,000 has:
- 1.8 bedrooms
- 1.6 bathrooms
- 900 square feet of living space
That's 287 square feet smaller than the average home in the greater area and 860 square feet smaller than the national average.
Edmonton
In Edmonton, the average home that costs between $950,000 and $1,050,000 has:
- 3.3 bedrooms
- 2.9 bathrooms
- 2,675 square feet of living space
Winnipeg
The average home in Winnipeg that's being sold for between $950,000 and $1,050,000 has:
- 3.2 bedrooms
- 3.0 bathrooms
- 2,558 square feet of living space
Regina
The average home in Regina that costs from $950,000 to $1,050,000 gets you:
- 3.0 bedrooms
- 2.9 bathrooms
- 2,604 square feet of living space
Halifax
If you're looking to buy a house in Halifax, the average home between $950,000 and $1,050,000 has:
- 3.7 bedrooms
- 2.8 bathrooms
- 2,543 square feet of living space
Quebec City
The average home in Quebec City with a price tag from $950,000 to $1,050,000 gets you:
- 3.8 bedrooms
- 2.5 bathrooms
- 2,516 square feet of living space
This article's left-hand cover image was used for illustrative purposes only.