Dreaming of buying a home? Here's what $1 million will get you in major Canadian cities

Even though home prices have been falling in most parts of the country, buying a home remains a complicated decision for Canadians.

Average rents continue to rise across provinces, and the space you get in return is shrinking. On the other hand, rising mortgage interest rates have aspiring homeowners wondering if the switch from tenant to owner is worth it.

Royal LePage examined Canada’s biggest housing markets and mapped out the kind of property you could get for around $1 million — give or take $50,000 — in all of them.

“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.”

According to Royal LePage’s observations, a home (of any property type) valued at $1 million will have, on average, 3.2 bedrooms, 2.6 bathrooms, and nearly 1,800 square feet of living space.

Let’s take a look at your money’s worth in different cities:

Vancouver

As of December 2022, the average $1 million home in Greater Vancouver came with 2.6 bedrooms, 2.1 bathrooms, and 1,279 square feet of living space.

Royal LePage west coast sales representative Adil Dinani said that it’s common for people in Vancouver to pick between a downtown condo or a suburban townhouse in the price range. 

“The days of easily finding a detached home for $1 million in Vancouver are in the rearview mirror,” he added.

Of course, as you move further from downtown Vancouver, the dollar stretches further. The same price can get you a bigger place.

In the City of Vancouver, the same amount will get you 1.9 bedrooms, 1.7 bathrooms, and only about 941 square feet of living space on average.

Calgary

In Calgary, you might be able to live like a king for a million dollars, especially when compared to Vancouver or Toronto. According to December 2022 market stats, the average home in the price range should get you 3.1 bedrooms, 2.8 bathrooms, and a much bigger living space than the national average — 2,242 square feet.

Doug Cabral, Royal LePage Benchmark sales representative, talked about how consistent buyer demand and comparatively low supply of homes has led to quicker home-buying decisions in the $1 million range.

“We’ve reached a new height in the market. 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,” he noted.

“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.”

It sure looks like luxury to people from BC and Ontario. Many are flocking to Calgary to get a bang for their buck.

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Edmonton

“A $1 million property in Edmonton is undoubtedly considered a luxury home,” said Mani Bagga, sales representative, Royal LePage Noralta Real Estate. That’s absolutely correct, considering the amount could get you a property with 3.3 bedrooms, 2,8 bathrooms, and a whopping 2,593 square feet of space — 830 square feet more than the national average.

Bagga says buyers who have a budget of this size often prioritize location and are willing to pay top dollar to live in sought-after neighbourhoods with desirable amenities.

In the Summerside area, you might be able to get a four-bedroom home near nice parks, shops, and transit options for a million dollars.

As is the case with Calgary, Canadians from other provinces are flocking to Edmonton, too, to reap the benefits of an affordable real estate market that has tons of space to offer.

Montreal

A home-buying budget of $1 million means you’re in a pretty good spot in the Greater Montreal Area. You could get a property spanning 2,286 square feet, with 3.8 bedrooms and 2.4 bathrooms.

In fact, that kind of money could easily accommodate a single-family detached home in the burbs with a minimum of three bedrooms, two bathrooms, a powder room, and modern amenities, like a big swimming pool and a large garden.

Royal LePage Privilège residential real estate broker Roxanne Jodoin says the pandemic may have set off the desire for more open, spacious homes, upping the pressure on supply in the segment. 

It doesn’t get drastically worse as you move closer to the City of Montreal either. A $1 million home will come with 3.9 bedrooms, 2.4 bathrooms and 2,153 square feet of living space on 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.

Greater Toronto Area

Expect, on average, three bedrooms, 2.2 bathrooms, and just about 1,461 square feet of living space for $1 million in the GTA.

“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 Royal LePage community leader and broker Shawn Zigelstein. “Today, the $1 million benchmark is considered more of an entry-level price point in many neighbourhoods in the city.”

And yes, that’s just the suburbs. It gets wilder in the city, where the same amount of money will buy a two-bedroom condo in a walkable downtown neighbourhood.

Irrespective of property type, the average million-dollar home in the City of Toronto means you could get 2.8 bedrooms, 1.9 bathrooms and a pretty tiny living space of 1,232 square feet.

A one-way ticket down to Montreal sounds like a pretty good idea right now…