Royal LePage has looked at home prices for seven Canadian cities and found that $1 million can get you anything from an entry-level home to a luxury abode, depending on where you’re buying.
In January 2017, a $1-million home in the City of Toronto had an average of 3.4 bedrooms and 2.5 bathrooms, while a $1-million home in Winnipeg had the most value, with an average of 4.1 bedrooms and 4 bathrooms. Of the seven cities, you’d also get the most living space overall in Winnipeg.
“From an older starter home in Vancouver to a waterfront property with all of the bells and whistles in Halifax, the amount of value and space that prospective buyers receive is largely dependent on the characteristics of the market in which they are located,” says Dianne Usher, senior vice-president of Johnston and Daniel, a division of Royal LePage, in a release.
Who’s buying these homes? In Canada’s largest metropolitan areas, it’s developers and first-time buyers, finds Royal LePage. Elsewhere, it’s wealthy young to middle-aged professional couples with children.
Methodology: Data and images courtesy Royal LePage. Highlighted property listings were collected based on a uniform set of criteria (except Saskatoon, where Royal LePage data was not available), where listings in each region required a standard two-storey that is selling or has been sold in the last two months within 10% of $1 million.