How far $1M goes for a home in Canada compared to the USA

Many folks are considering leaving Canada for the USA thanks to the cost of living, and it’s easy to see why when you compare the price of a $1M home in both countries’ most prominent cities.

Here’s how far $1 million will take you for a home in some of Canada’s largest cities versus the most popular spots in the USA.

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It’s important to note that your mileage may vary, and this story should not be a reason to pack up and move to the States. There are many factors to consider when considering relocating to a new country. Still, it’s hard to ignore the vast disparity between what you pay for and what you get in Canada’s biggest cities versus America’s biggest ones.

The USA vs. Canada

Housing in Canada has been a hot topic in recent years. It has been a significant point of contention in the political world between Prime Minister Justin Trudeau and the opposition leader Pierre Poilievre.

It’s easy to see why. Housing costs are out of control in Canada, but how do they compare to prices down south?

We’ve narrowed our search to the main city centres, not the suburbs or outskirts.

We used popular real estate listing services to narrow the price to $1 million and the equivalent on American platforms, just under $800,000 in US dollars.

When you max out the price for homes in Vancouver at $1 million, all the detached single-family homes disappear, leaving you with either townhomes or condo properties.

This townhome is listed for $999,800 in Vancouver. It includes three bedrooms and three bathrooms.

Something comparable is this Chicago property, but it’s comparable only in price, not in what you get. It features three bedrooms and three and a half bathrooms.

The Vancouver townhome is 1,199 sq ft, while the Chicago detached house is 2,800 sq ft.

Unless you’re a Vancouver Canucks fan, another popular US city is Boston. It’s a similar situation as Chicago regarding price comparisons for homes in Vancouver.

Listed for $899,000, this home features three bedrooms, two bathrooms and 1,840 sq ft of space.

It’s a little more than $1 million in Canadian dollars as it is worth roughly $1.2 million.

So, here’s a comparable home in Vancouver worth $1.1 million.

If you’re looking at this home and thinking, “Oh, that ain’t so bad!”

You’re only half right, as the $1.1 million figure is only for half of this duplex. It features two bedrooms, two bathrooms, and 1,107 sq ft of space.

And here’s a comparable home in Toronto for $1,199,000.

Somehow, this gorgeous Toronto home features five bedrooms and three bathrooms. There are similarly priced condos and apartments that look nicer than this home, which is listed for its development potential.

And this is a comparable home in Montreal, which is another duplex, also for $1,199,000.

One city where you can find a lovely detached home for $1.2 million is, you guessed it, Edmonton.

This home is listed for $1,190,000 and features four bedrooms and four bathrooms.

While this isn’t an exhaustive list, it paints a picture of how housing costs in Canada’s biggest cities differ from the United States, even after a quick search.

How much cheaper?

According to the Canadian Real Estate Association (CREA), “the median sale price for single detached homes edged up 1.7% on a year-over-year basis to C$1,225,000 in the fourth quarter of 2023.”

Zillow says the average home value in Maryland, where the Redditor plans to move, is US$400,707 (C$539,411.73).

On a national level, rent prices in the US will have you choking on your coffee.

Forbes says the national average rent in the US as of August 2023 was US$1,372 (C$1,846.92).

Rentals.ca says that, as of December 2023, the average rent for all residential property types across Canada was C$2,178.

Numbeo did some number crunching and compared the cost of living between the USA and Canada, including the price of an apartment, and Canada came out way ahead.

Leaving Canada?

Because the cost of living has become so great in Canada, we’re seeing more stories of people deciding to leave for greener pastures.

We recently published this story about Sheryl Novak. She left for Mexico over a decade ago and has never looked back, as she is extremely happy where she is.

Novak told Daily Hive, “If you were to have an oceanfront condo anywhere in North America, you would never be able to afford it. The average person couldn’t. Whereas in Mexico, you still can. How much longer that’s going to be?”

There was also this 27-year-old Redditor who said that he was leaving Canada to head back to the USA, and it really struck a chord, with many chiming in that they felt the same way.

One user sadly reflected, “It’s sad to see what Canada has become.”

Have you considered leaving Canada?